When the exchange rate for the British pound changes from $1.80 per pound to $1.60 per pound, then, holding everything else constant, the pound has ________ and ________ expensive
A) appreciated; British cars sold in the United States become more
B) appreciated; British cars sold in the United States become less
C) depreciated; American wheat sold in Britain becomes more
D) depreciated; American wheat sold in Britain becomes less
C
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Who benefits from imports?
A) domestic consumers B) domestic producers C) foreign consumers D) Both answers A and B are correct.
Marginal analysis is useful in economics, but not in other areas of life.
Answer the following statement true (T) or false (F)
Which of these is true of the mercantilism policy? a. It accepts gold as a medium of exchange
b. It encourages free movement of labor and capital resources between nations. c. It emphasizes government control over the production of important goods and services. d. It emphasizes the importance of trade restrictions in achieving economic growth. e. It believes that a nation's economic vitality depends on its unemployment level.
(Ref 8-7 Table: Producer Surplus and Phantom Tickets) The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. Given the information in the table, if these students can sell their Phantom tickets for only $5, then:
A. the total producer surplus for the five students will be $330.
B. Tim will be the only student not to sell his ticket.
C. the total producer surplus for the five students will be $4.
D. Whitney, Ralph, and Rick will sell their tickets.