Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown San Francisco, California ________ an acre of land in downtown Knoxville, Tennessee.
A. would most likely cost less than
B. would most likely cost more than
C. should cost approximately the same as
D. would cost exactly the same as
Answer: B
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How does a decrease in value of a country's currency relative to other currencies affect its balance of trade?
A) A decrease in value of a country's currency relative to other currencies reduces imports, raises exports, and increases the balance of trade. B) A decrease in value of a country's currency relative to other currencies raises imports, reduces exports, and increases the balance of trade. C) A decrease in value of a country's currency relative to other currencies raises imports, reduces exports, and reduces the balance of trade. D) A decrease in value of a country's currency relative to other currencies reduces imports, raises exports, and reduces the balance of trade.
The most common reason for the existence of oligopolies is
A) ease of entry. B) economies of scale. C) diseconomies of scale. D) advertising.
In Keynes's view, an excess quantity of money demanded causes people to:
a. sell bonds and the interest rate rises. b. buy bonds and the interest rate falls. c. buy bonds and the interest rate rises. d. increase speculative balances.
Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bill?
a. 10 toys b. 8 toys c. 16 toys d. 12 toys e. 4 toys