The foreign exchange market is the market in which
A) the world's governments collect their tariff revenue.
B) goods and services are exchanged between governments.
C) the currency of one country is exchanged for the currency of another.
D) all international transactions occur.
E) currencies are exchanged solely by governments.
C
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Refer to the scenario above. The increase in output due to a one-unit increase in capital is smallest at point ________
A) A B) B C) C D) D
Utility as an economic term refers to
a. the amount of electricity generated. b. the ability of a good to satisfy a want. c. tangible goods only. d. services only.
Which of the following observations is true?
A. In the long run, more costs become variable. B. Fixed costs cannot be completely varied if the time period is sufficiently long. C. Fixed costs arise when some types of inputs can be bought only in big batches. D. Variable costs arise when inputs have a large productive capacity.
If the wages of a dentist increase,
a. so does her opportunity cost of leisure. b. her hours of labor supplied may increase. c. her hours of labor supplied may decrease. d. All of the above are correct.