Assume that the exchange rate moves from $1 = €1.2 to $1 = €0.97 . This change in exchange rate indicates that:
a. the euro has depreciated in value.
b. the price of a holiday in Europe has become less expensive for U.S. residents.
c. the U.S. dollar price of European chocolate has fallen.
d. the U.S. dollar has appreciated in value.
e. the euro has appreciated in value.
e
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If the United States places a limit on Chinese textile imports, this would be an example of
A. an embargo. B. a quota. C. a regulatory trade restriction. D. a tariff.
A copyright for works created by corporations run for ________ years from first publication or ________ years from the creation, whichever is ________.
A) 70; 120; shorter B) 95; 70; longer C) 95; 120; longer D) 95; 120; shorter
The opportunity cost of an action: a. can be objectively determined only by economists
b. is a subjective valuation that can only be determined by the individual who chooses the action. c. can be determined by adding up the dollar costs incurred as a result of the action. d. can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
Which of the following statements is correct?
A. Purely competitive firms, monopolistically competitive firms, and pure monopolies all earn zero economic profits in the long run. B. Purely competitive firms, monopolistically competitive firms, and pure monopolies all earn positive economic profits in the long run. C. In the long run, purely competitive firms and monopolistically competitive firms earn zero economic profits, while pure monopolies may or may not earn economic profits. D. Monopolistically competitive firms earn zero economic profits in both the short run and the long run.