The Japanese demand curve for dollars is downward-sloping because a:
A. higher number of yen per dollar means U.S. goods are cheaper in Japan.
B. lower number of yen per dollar means U.S. goods are cheaper in Japan.
C. lower number of yen per dollar means U.S. goods are more expensive in Japan.
D. lower number of yen per dollar means U.S. goods are less expensive in the U.S.
Answer: B
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The U.S. poverty rate is higher among households headed by black married couples than those headed by white females
a. True b. False
For any monopolist with a positive marginal cost of production, its demand curve at its profit maximizing level: a. would be elastic
b. would be unit elastic. c. would be inelastic. d. could be either elastic or inelastic.
Figure 7-12
Which of the graphs in Figure 7-12 shows a marginal physical product curve that exhibits first increasing and then diminishing marginal returns to sunlight?
A. (a) B. (b) C. (c) D. (d)
If the actual price level is lower than the expected price level, an economy will contract in the short run.
a. true b. false