If the exchange rate changes so that more Swiss francs are required to buy a dollar, then
A. the franc has appreciated in value.
B. Americans will buy more Swiss goods and services.
C. more American goods and services will be demanded by the Swiss.
D. the dollar has depreciated in value.
B. Americans will buy more Swiss goods and services.
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If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been
A) 14 percent. B) 114 percent. C) 12 percent D) 100 percent.
A period of time in which the quantity of all factors of production used by a firm can be varied is called the
A) market period. B) variable run. C) short run. D) long run.
Inefficient use of resources is shown on the production possibilities curve
A) by an inward shifting of the curve. B) by a point inside the curve. C) by a point near the top of the curve. D) by a point outside the curve.
Income elasticity has a range of
A) greater than or less than one. B) greater than or less than zero. C) greater than or less than negative one. D) less than zero but greater than one.