If you go to the bank and notice that a dollar buys more Japanese yen than it used to, then the dollar has
a. appreciated. Other things the same, the appreciation would make Americans less likely to travel to Japan.
b. appreciated. Other things the same, the appreciation would make Americans more likely to travel to Japan.
c. depreciated. Other things the same, the depreciation would make Americans less likely to travel to Japan.
d. depreciated. Other things the same, the depreciation would make Americans more likely to travel to Japan.
b
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Because of the popularity of the movie "Frozen," there is a large increase in demand for the merchandise, there is also many new companies producing items from backpacks, to dresses, to "Frozen" themed food items. How has this affected the market for "Frozen" merchandise?
A. Price increases and quantity is indeterminate. B. Quantity increases and price is indeterminate. C. Price decreases and quantity is indeterminate D. Quantity decreases and price is indeterminate.
Assume that a country has a domestic demand curve defined as Qd = 100 - 2P and a domestic supply curve defined as Qs = -20 + 3P. What is the autarchy equilibrium price and quantity?
What will be an ideal response?
For the "Composite Commodity Theorem" to hold, all goods in the composite must:
a. have constant prices. b. have constant relative prices. c. be used in fixed proportions. d. be net complements.
Consumer surplus is the area located on the demand and supply graph ________ the equilibrium price point
a. below b. at the same point as c. above d. it is not found on the demand and supply graph