A higher U.S. exchange rate means that
A) foreign products are now more expensive to U.S. citizens.
B) foreign products are now cheaper to U.S. citizens.
C) U.S. products are now more expensive to U.S. citizens.
D) U.S. products are now cheaper to foreign countries.
Ans: B) foreign products are now cheaper to U.S. citizens.
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Over the past year, output grew 6%, capital grew 2%, and labor grew 4%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?
A) 2.0% B) 2.6% C) 3.0% D) 3.3%
There are at least ______ factors in addition to price that affect demand.
a. three b. four c. five d. two
That the money form should be homogeneous is another way of saying that all units of money should be
a. durable b. portable c. stable d. identical e. divisible
When a tariff is imposed, the demand curve for the domestic good
A. shifts downward and to the right. B. shifts upward and to the right. C. shifts upward and to the left. D. shifts downward and to the left.