If a dollar is initially valued at 10 Swiss francs and its value changes to 12 Swiss francs, then the value of a Swiss franc (in terms of dollars) has
A. increased only if the demand for Swiss francs has increased.
B. remained the same.
C. increased.
D. decreased.
D. decreased.
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If the supply curve for aspirin is perfectly elastic, a reduction in demand will cause the equilibrium price to: a. rise and the equilibrium quantity to fall
b. rise and the equilibrium quantity to stay the same. c. fall and the equilibrium quantity to fall. d. stay the same and the equilibrium quantity to fall.
Which of the following equations is CORRECT?
A) accounting profit = total revenue - (explicit costs + implicit costs) B) normal profit = accounting profit + economic profit C) economic profit = accounting profit - implicit costs D) economic profit = accounting profit - explicit costs
The paper currencies of the U.S. are also called:
A. Federal Reserve notes B. Treasury Bills C. U.S. Government notes D. Treasury bonds
If the demand for a good is determined to be "elastic," then the elasticity measure
A) is greater than 1.0. B) is equal to 1.0. C) is less than 1.0. D) is infinite.