The ________ rate is the rate at which one currency can be traded for another
A) explicit exchange B) nominal exchange C) expected exchange D) real exchange
B
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
A deadweight loss is created
A) only if the last unit produced has a marginal social benefit greater than its marginal social cost. B) only if the last unit produced has a marginal social cost greater than its marginal social benefit. C) only if the last unit produced has a marginal social benefit equal to its marginal social cost. D) if for the last unit produced, marginal social cost is greater than its marginal social benefit or if its marginal social benefit is greater than its marginal social cost.
If the quantity demanded of peanut butter falls by 12% when income rises by 10%, then peanut butter is:
A. an inferior good. B. a normal good. C. a necessity D. both an inferior good and a necessity
Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. If the United States levies no taxes on apples, the price of apples in the United States would fall to ________, and the United States would import ________.
A. 20 cents per apple; 10 million apples per day B. 30 cents per apple; 6 million apples per day C. 40 cents per apple; 2 million apples per day D. The price of apples in the United States after the U.S. government eliminated all taxes on imported apples cannot be determined from this information.