Which of the following would cause the price of the dollar to rise?
A) a fall in bond prices
B) an increase in bond prices
C) a decrease in interest rates
D) a fall in the exchange rate
Ans: A) a fall in bond prices
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Total surplus is defined as
A) consumer surplus + producer surplus. B) consumer surplus - producer surplus. C) another word for profit. D) another word for total revenue.
In the short run, a change in the nominal exchange rate brings an equivalent change in the real exchange rate
Indicate whether the statement is true or false
Refer to the above figure. A farmer has 50 acres of land on which to grow wheat or beans. An acre of land yields 400 bushels of beans or 800 bushels of wheat
Which of the following is a possible combination of beans and wheat that can be grown, assuming the land is farmed efficiently? A) 30,000 bushels of each B) 15,000 bushels of beans and 10,000 bushels of wheat C) 25,000 bushels of beans and 25,000 bushels of wheat D) 20,000 bushels of beans and 40,000 bushels of wheat
Which of the following is among the arguments in favor of using government intervention to reduce income inequality?
A. Large income differences eventually lead to political strife and will undermine support for a market economy. B. Government intervention is more effective in promoting creativity and hard work than the hope of higher earnings. C. The income distribution statistics understate inequality because they fail to take economic mobility into account. D. Taking money away from individuals who have earned it is unfair and immoral.