A maximum wage law, as opposed to a minimum wage law, would be considered a

In what sense do self-fulfilling expectations determine the acceptability of a medium of exchange?

A) People like to do what the government expects them to do. B) People value something as money only if they believe others will accept it from them as payment. C) People expect that money will never lose its value. D) People expect that eventually every country will use the same medium of exchange.

Which of the following statements is TRUE?

A) No economic model captures every detail that affects a problem. B) Economic models always make accurate predictions about behaviors. C) Economic models must fully reflect reality. D) Economic models use economists' opinions with no use of data.