Suppose $1.00 U.S. is currently worth $1.5 Canadian. It is expected that the U.S. dollar will be worth $1.2 Canadian in one month. This will cause:
a. a decrease in the value of U.S. exports to Canada.
b. a decrease in the demand for Canadian dollars.
c. an increase in the demand for U.S. dollars
d. a decrease in the demand for U.S. dollars.
d
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The reservation wage is the
A) highest wage for which a person is willing to supply labor. B) lowest wage for which a person is willing to supply labor. C) wage for which a person is willing to work full time. D) wage for which a person is willing to work overtime.
In the 1950s, W. Phillips investigated the relationship between
A. wage and price inflation. B. the unemployment rate and the rate of change in interest rates. C. the unemployment rate and the rate of change in prices. D. output and price changes.
In economics, how long is the long run?
A) more than one year B) 24 months or longer C) 5 years or more D) whatever time it takes a firm to vary all inputs
The following national income data for an economy are in billions of dollars.)
Refer to the above data. Which items need to be accounted for in going from National Income to GDP?
A.
1, 12, and 13
B.
2, 11, and 12
C.
13 only
D.
1 and 2