If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 250 million, then output per person:
A. remains constant.
B. doubles.
C. decreases.
D. increases, but by less than 100 percent.
Answer: C
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Refer to Figure 29-1. Italians cut back on smoking and cut their demand for American cigarettes in half. Assuming all else remains constant, this would be represented as a movement from
A) A to D. B) D to C. C) B to C. D) B to A.
Under a floating rate system, exchange rates are determined by supply and demand in the foreign exchange market without government intervention
a. True b. False
When a slice of pizza at the student union sold for $2, Moe did not purchase any. When the price fell to $1.75, Moe purchased a slice each day for lunch. Thus, we can infer that Moe's reservation price for a slice of pizza is:
A. less than $1.75. B. exactly $1.75. C. exactly $2.00. D. at least $1.75 but less than $2.
If Mexico has a exports of 40 billion pesos and imports of 50 billion pesos, it is running a trade surplus.
Answer the following statement true (T) or false (F)