The ________ exchange rate is the market rate between two currencies.
A. nominal bilateral
B. real bilateral
C. real effective
D. nominal effective
Answer: A
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Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.
A. 12; 30 times larger B. 12; smaller C. 30; 12 times larger D. 12; 12 times larger
For the past year, Teddy has had a part-time job at which he is willing to work 10 hours each week. During Teddy's annual review, his boss grants him an 8 percent increase in his wage
As a result of the wage increase, Teddy is now willing to work 15 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect. A) work; greater B) work; less C) leisure; greater D) leisure; less
Historically, many businesses have preferred specialized task assignment for employees over broad task assignments. Why has this been the case?
What will be an ideal response?
The economic problem can best be stated as:
A. Given the fact that the economy is inefficient, how much and what type of government intervention should be used to improve the efficiency of the economy? B. Given scarce resources, how exactly do societies go about deciding what to produce, how to produce it, and for whom to produce? C. What is the best rate of economic growth for a society? D. How can the economy improve technology so as to shift the production possibility frontier up and to the right?