The ratio of the dollar price of a toy in the U.S. to the dollar price of a toy in China represents the ________ between the two currencies
A) nominal exchange rate B) ordinal exchange rate
C) expected exchange rate D) real exchange rate
D
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The cost of consumption has two components:
a. the substitution effect and the income effect b. the law of demand and the law of diminishing marginal utility c. the price effect and the income effect d. the money price and the time price e. saving and taxes
The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production. B. value of the final product. C. profit margin. D. mark up.
The aggregate quantity of goods and services demanded changes as the price level falls because
a. real wealth falls, interest rates rise, and the dollar appreciates. b. real wealth falls, interest rates rise, and the dollar depreciates. c. real wealth rises, interest rates fall, and the dollar appreciates. d. real wealth rises, interest rates fall, and the dollar depreciates.
Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. a decrease in supply of laptops. B. a decrease in quantity supplied of laptops. C. an increase in supply of laptops. D. an increase in quantity supplied of laptops.