If the U.S. dollar appreciates relative to the British pound, then we pay fewer dollars for a pound
Indicate whether the statement is true or false
T
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As a method of resource allocation, market price
A) means those who are willing and able to pay get a particular good or service. B) works well when self-interest must be suppressed. C) works best inside firms and government departments. D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.
An increase in the demand for electricians will
A. increase economic rent earned by electricians. B. decrease the supply of electricians. C. decrease economic rent earned by electricians. D. have no effect on economic rent earned by electricians.
What is the change in consumer surplus after trade as shown in Exhibit 2?
a. – b – c
b. – b – c – e – f
c. + e + f
d. + b + c
Suppose you borrow $500 for a year and the lender discounts $75 of interest at the time the loan is made (giving the borrower only $425). The interest rate on this loan is about:
A. 12.5 percent. B. 14.5 percent. C. 17.6 percent. D. 10 percent.