An American computer is priced at $1,200. If the exchange rate between the U.S. dollar and the Japanese yen is $0.01 per yen, the equivalent price of the computer in yen is approximately __________ yen
A) 12,000
B) 12
C) 1,200,000
D) 120,000
D
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An economic service need not be
a. useful. b. scarce. c. transferable. d. tangible.
In order to obtain an efficient allocation of resources worldwide
A) countries that have a lot of resources should ship resources to countries that do not have a lot of resources. B) countries that have a lot of resources should not trade since poorer countries cannot compete. C) each country should produce the good they have a comparative advantage in and then trade. D) no trade among countries should occur.
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 The least costly way of lowering smoke emissions from 12 tons to 9 tons per day would be for:
A. Firm X to emit 2 tons, Firm Y to emit 3 tons and Firm Z to emit 4 tons. B. Firm X to emit 1 ton, Firm Y to emit 4 tons and Firm Z to emit 4 tons. C. each firm to reduce emissions by 1 ton, emitting 3 tons each. D. Firm X to emit 4 tons, Firm Y to emit 3 tons and Firm Z to emit 2 tons.
Refer to Figure 12.1. Assuming the economy is on the production possibilities curve, crowding out suggests that an increase in government spending financed by internal borrowing would move the economy from point 
A. C to point E. B. C to point A. C. C to point F. D. A to point C.