Which of the following is an example of a service?
A) medical care
B) dental care
C) a psychology lecture
D) a television set
E) a, b and c
E
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When the exchange rate between the U.S. dollar and the euro changes from 1.07 euros per dollar to 0.93 euros per dollar, then the
A) U.S. dollar has depreciated against the dollar. B) U.S. dollar has depreciated against the euro. C) euro has depreciated against the dollar. D) U.S. dollar has appreciated against the euro. E) euro has depreciated against the euro.
A sandwich shop has six months left on its lease to its storefront and equipment and currently employs three workers who work on an on-call basis, with no contract. Ingredients are bought daily. How long is the long run for the sandwich shop?
A. A year, the typical term for long run, as there is nothing unusual about this business B. The long and short run are the same in this case C. Six months, after which all inputs listed become variable D. None of these is true.
An increase in the federal funds rate could be caused by:
A. higher than expected bank reserves. B. higher than expected withdrawals. C. lower than expected loan demand. D. higher than expected bank deposits.
To have competition as economists define it,
A. you need many firms in an industry, with no one firm having any influence over price. B. you need a couple of firms in the industry, with each having significant influence over the price. C. you need many firms in an industry, and it doesn't matter if one firm has influence over price. D. All of these statements are true.