A forest is an example of a nonrenewable resource
a. True
b. False
Indicate whether the statement is true or false
False
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If the price of a Toyota Camry is Y2,000,000 and the price of a Ford Fusion is $20,000, according to the law of one price, the exchange rate between the yen and the dollar should be:
A) Y100 = $1 B) $100 = Y1 C) Y1,980,000=$1 D) the law of one price does not apply since the goods are differentiated
If the average total cost curve is always above the demand curve of a monopolist: a. that monopolist will suffer economic losses
b. entry will occur, forcing the monopolist to reduce price and expand output. c. the monopolist will earn an economic profit. d. the monopolist must be producing inefficiently.
In the supply curve, the relationship between price and quantity supplied is
a. inverse. b direct. c. nonexistent. d. not determined.
Starting with an exchange rate of $1 = ¥110, and a price tag of ¥5,000 for a Japanese good, what happens to the dollar price of the good if the yen depreciates by 4 percent?
A) the dollar price of the good rises from $45.45 to $47.72 B) the dollar price of the good falls from $45.45 to $43.64 C) the dollar price of the good falls from $550,000 to $522,500 D) the dollar price of the good rises from $550,000 to $577,500 E) ?the dollar price of the good rises falls from $450 to $427.50