The ________ the exchange rate, the ________ are foreign-produced goods and hence the smaller the quantity of dollars supplied
A) lower; more expensive
B) lower; cheaper
C) greater; cheaper
D) greater; more expensive
A
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In an economy that did not use money, but in which barter was exclusively employed for the exchange of goods, inflation
A) could not occur. B) would be almost entirely the result of speculation. C) would benefit buyers more than sellers. D) would redistribute real income rather than money income. E) would strike hardest at those on fixed incomes.
Social demand equals market demand plus externalities when there are positive external benefits.
Answer the following statement true (T) or false (F)
The statement, "because the invisible hand allocates resources efficiently, economies ought to minimize government interference" is an example of:
A. an economic precept. B. efficiency. C. an economic theorem. D. a natural experiment.
Which of the following describes a difference between the marginal revenue and demand curves of a perfectly competitive firm and a monopolistically competitive firm?
A) The perfectly competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a monopolistically competitive firm lies above its demand curve. B) The perfectly competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a monopolistically competitive firm lies below its demand curve. C) The monopolistically competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a perfectly competitive firm lies below its demand curve. D) The marginal revenue curve of a monopolistically competitive firm lies below its demand curve; the marginal revenue curve of a perfectly competitive firm lies above its demand curve.