Some early forms of money, like commodity money, did not survive because
A) they were outlawed.
B) quality control was difficult.
C) people disagreed on which good to use.
D) paper quality was poor.
B
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In the figure above, suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply. If the price of pecans increases
A) the curve will shift rightward. B) the curve will shift leftward. C) there is a movement along the curve. D) the curve will be unaffected.
Which of the following is part of the economic way of thinking? a. When an option becomes less beneficial, individuals will become more likely to choose it. b. Costs are incurred whenever scarce resources are used to produce goods or services
c. The value of a good is determined by its cost of production. d. Both a. and b. are part of the economic way of thinking.