If the exchange rate between the Canadian dollar [C$] and the U.S. dollar [$] on January 6, 2010 is C$/$ = 1.03, then the exchange rate $/C$ will be:
a. 0.67.
b. 0.79.
c. 0.97.
d. 1.97.
e. 1.33.
c
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If two variables are unrelated, their graph is
A) a curved line. B) an upward-sloping line. C) either a horizontal or a vertical line. D) a downward-sloping line. E) None of the above answers is correct because it is not possible to graph unrelated variables.
Zero economic profits for a perfectly competitive firm in the long run means
A. the firm must exit the industry. B. the firm is in equilibrium. C. the firm will shut down until the market improves. D. average revenue is insufficient to cover long-run average cost.
In terms of the best practices frontier, a long term strategy
A) shifts the frontier B) moves a firm along a frontier C) may cause a firm to move inside the frontier D) may rotate the frontier toward the horizontal axis
In the modern U.S. economy, most transactions are made with
What will be an ideal response?