The quantity of imports will increase when there is
A) a reduction in the real exchange rate.
B) an increase in domestic output.
C) an increase in foreign output.
D) all of the above
E) none of the above
B
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An introductory course in economics should allow a student to
A. turn into an economist. B. develop solutions to most social problems. C. answer all complex social questions. D. make rational decisions. E. All of these responses are correct.
The amount of assets that a bank must hold at all times is determined by the
a. banks' actual reserves b. legal reserve requirement c. actual reserve requirement d. fractional reserve requirement e. excess reserve requirement
In an open economy, the quantity demanded of corn in the domestic market is ________.
A. 150 million bushels B. 900 million bushels C. 300 million bushels D. 600 million bushels
Output (Bushels of Barley)Marginal Cost(Dollars)10 bushels$0.3020 bushels$0.6030 bushels$0.9040 bushels$1.20 Refer to Table 5.1, which gives Farmer McColl's marginal cost function for barley. If Farmer McColl is currently producing 20 bushels of barley, which of the following is the market price for a bushel of barley?
A. $1.20 B. $12.00 C. $0.60 D. $6.00