An economic naturalist is someone who:
A. studies the process of natural selection in a cost-benefit framework.
B. has an innate talent for using economic concepts.
C. applies economic insights to understand everyday life.
D. uses economic arguments to protect the environment.
Answer: C
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The firm's long-run average total cost curve
a. intersects each short-run average total cost curve at its minimum point b. lies below its short-run average total cost curves at every output level c. lies above its short-run average total cost curves at every output level d. coincides with a small segment of its short-run average total cost e. touches each of the firm's short-run average total cost curves at the lowest points
During a hyperinflation the real domestic value of a country's currency
a. falls and its nominal exchange rate depreciates. b. falls and its nominal exchange rate appreciates. c. rises and its nominal exchange rate depreciates. d. rises and its nominal exchange rate appreciates.