Refer to the figure above. If the government of China wants to keep the exchange rate below E yuan per dollar:
A) it will have to buy dollar and sell yuan. B) it will have to buy yuan and sell dollars.
C) it will have to buy both dollars and yuan. D) it will have to sell both dollars and yuan.
B
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If the marginal utilities of the first 5 candy bars are 15, 14, 10, 7, and 3, respectively, the total utility derived from consuming all 5 candy bars is
a. 5 b. –12 c. 12 d. 35 e. 49
A monopoly firm engaged in international trade will
A) equate marginal costs with marginal revenues in both domestic and foreign markets. B) equate average to local costs. C) equate marginal costs with foreign marginal revenues. D) equate marginal costs with the highest price the market will bear. E) equate marginal costs with the relative world prices.
Which U.S. government agencies handle antitrust matters?
a. the Department of Justice and Congress b. the Federal Trade Commission and Congress c. the Federal Trade Commission and the Securities and Exchange Commission d. the Department of Justice and the Council of Economic Advisors e. the Department of Justice and the Federal Trade Commission
What can we conclude about our future after reading Chapter 1?
a. We will use up more resources faster and scarcity will become increasingly more severe. b. We will eventually run out of "things we want" causing scarcity to moderate. c. We will eventually run out of "things we want" causing scarcity to disappear. d. Resources will remain scarce and our wants unlimited so that scarcity will remain a fact of life. e. Technology will fully substitute for scarce resources so that even though our wants are unlimited, we will eventually eliminate scarcity.