If the exchange rate between the Canadian dollar (C$) and the U.S. dollar ($) changes from 1C$ = $1.30 to 1C$ = $1.05 we can say that:
a. the U.S. dollar has depreciated with respect to all the currencies across the world.
b. the Canadian dollar has appreciated with respect to the U.S. dollar.
c. the U.S. dollar has appreciated with respect to the Canadian dollar.
d. the Canadian dollar has depreciated with respect to all the currencies across the world.
e. the Canadian dollar has appreciated with respect to all the currencies across the world.
c
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The change in total revenue divided by the change in quantity of labor employed is the
a. marginal physical product of labor b. marginal revenue product of labor c. price of the output d. demand for the output e. wage rate
The reason why firms in perfect competition end up with no economic profit in the long run is that
a. they do not have the knowledge to run the firm correctly b. in the long run, firms lose competitiveness c. in the long run, costs rise to equal prices d. if they make an economic profit, new firms will enter the industry, driving the price down, and this continues until economic profit is zero e. in the long run, the losses of firms who leave the industry equals the economic profit of those who remain
Production possibilities curves can shift outward but they do not shift inward
Indicate whether the statement is true or false
If total output is $1,000 and total labor-hours are 20, labor productivity is
A. $20. B. $50. C. $2,000. D. $20,000.