International participants
A. Participate in both American factor markets and American product markets.
B. Participate only in American product markets.
C. Participate only in American factor markets.
D. Take no part in American markets.
Answer: A
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A ray through the origin always has a slope of one
a. True b. False Indicate whether the statement is true or false
Elaine values the utility of her first cup of coffee at $1; a second cup, $.75; and a third cup, $.50 . If Elaine drinks three cups of coffee for breakfast, her marginal utility is equal to
a. $.50, the value of her last cup of coffee. b. $1.00, the value of her first cup of coffee. c. marginal utility. d. $2.25. e. $1.50.
During the U.S. Civil War (1861-1865), the Confederate States printed their own currency. Events occurred during the war that affected the exchange value of the Confederate dollars. What evidence was there that supports the theory of long- and short-run exchange rate determination?
a. The Union soldiers burned Confederate dollars at every opportunity, making them more valuable than the Union dollar. b. The Confederate dollar became worth more as it became clear that the South would lose, because the Confederacy's dollars would become collectibles. c. The Confederate dollar's value was closely linked to the difference in the deposit rates in southern states' banks. d. Speculators traded for profit and based their valuation on the long-run expectation of the exchange rate, which tracked closely the probability of a victory for the South.
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. If they open up to trade and the citizens of the island consumed 1,200 fish per year, how many pounds of berries can they consume every year?
A. 9,400 pounds B. 12,800 pounds C. 8,000 pounds D. 9,200 pounds