If the U.S. dollar appreciates against the Japanese yen:
A. Japanese goods will be more expensive in the United States.
B. the U.S. dollar will buy fewer Japanese yen.
C. Japanese goods will be cheaper in the United States.
D. U.S. goods will be cheaper for Japanese consumers.
Answer: C
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If the government created a surplus of an agricultural product due to price supports, how might they dispose of this surplus?
A) give it away to a foreign country B) purchase it and store it away C) have the farmer destroy the crop D) Any of these answers might be a successful tool in disposing of agricultural surpluses.
Jackson is considering two different jobs, and is indifferent to both of them although one pays $20 per hour and the other pays $25 per hour. This must mean that
a. the higher-paying job must be more dangerous than the lower-paying job b. the higher-paying job enjoys a compensating wage differential of $5 per hour c. Jackson doesn't really need the money d. the lower-paying job enjoys a compensating wage differential of $5 per hour e. the higher-paying job enjoys a compensating wage differential of $20 per hour
When a country has a lower opportunity cost in producing a good than any other country,
A. It necessarily has an absolute advantage in producing the good. B. Consumption possibilities will increase with specialization and trade. C. It has favorable terms of trade in producing the good. D. Production possibilities are no longer limited.
Which is an example of a good with an elastic supply?
a. beef b. bananas c. lumber d. click-top pens