If you regularly spend $100 a month on gasoline and the price of gasoline doubles, your purchasing power has
A. became stable.
B. increased.
C. decreased.
D. remained constant.
Answer: C
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In developing nations, the combined rate of urban and rural unemployment or underemployment is about
a. 1 percent b. 10 percent c. 20 percent d. 30 percent e. 80 percent
As an industry's output increases, the industry's demand for the inputs that it uses will also increase
a. True b. False Indicate whether the statement is true or false
The primary economic explanation as to why a world-renowned architect cannot attain the "superstar" status that an athlete or actor can attain is that
a. architects' services are not as highly valued by society as are the services of athletes and actors. b. only physically attractive people can become superstars, and it would be a coincidence if a highly talented architect were also physically attractive. c. government regulations place restrictions on the incomes of architects, but there are no such restrictions on the incomes of athletes or actors. d. it is impossible, currently, for an architect to supply his or her services at low cost to every customer.
An increase in the demand for American-made goods will
A) increase the supply of dollars on the foreign exchange market. B) decrease the supply of dollars on the foreign exchange market. C) increase the demand for dollars on the foreign exchange market. D) decrease the demand for dollars on the foreign exchange market.