If $1 is equal to 120 yen, then 1 yen is equal to approximately
A) $1.20
B) $0.94
C) $0.83
D) $0.0083
E) none of the above
D
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To determine total cost, the business owner must know
A. input quantity and output price. B. output quantity and output price. C. output quantity and input price. D. input quantity and input price.
If people expect the foreign exchange rate for dollars to rise in the future
A) the demand for dollars today decreases. B) the demand for dollars today increases. C) the demand for dollars today is unaffected. D) there is a movement along the demand curve for dollars.
Lectures in microeconomics can be delivered either by an instructor (labor) or a movie (capital) or any combination of both. Yet, it gets harder and harder to substitute more movies for an instructor the more movies are already used
Which graph in the above figure best represents the isoquants for lectures in microeconomics when units of capital per day is on the vertical axis and units of labor per day is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
Which of the following is a normative statement?
a. Fifteen percent of Americans go without health insurance in a year. b. The Consumer Price Index rose three-tenths of one percent in May. c. An increase in the minimum wage will increase teenage unemployment. d. Americans would be better served by single-payer health care system. e. The French trade deficit reached an all-time high last year.