The data in the table above give two points on the demand curve for pizza. Using the midpoint method, when the price of a pizza falls from $10 to $9, what is the percentage change in the quantity demanded?
A) 22.2 percent
B) 10.0 percent
C) 15.5 percent
D) 5.2 percent
E) 25 percent
A
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From 1980 to 2000, the yen—dollar exchange rate fell from 240 yen/dollar to 102 yen/dollar, while the dollar—pound exchange rate fell from 2.22 dollars/pound to 1.62 dollars/pound. As a result
A) the dollar appreciated relative to the yen, but depreciated relative to the pound. B) the dollar depreciated relative to the yen, but appreciated relative to the pound. C) the dollar appreciated relative to both the yen and the pound. D) the dollar depreciated relative to both the yen and the pound.
Nominal GDP is
A. also called real GDP. B. a more accurate measure than real GDP. C. real GDP adjusted for changes in the price level. D. GDP measured in current prices.
The principle of comparative advantage implies that
A) only wealthy countries ultimately can benefit from international trade. B) every country can benefit from international trade. C) we should limit the extent to which people specialize. D) most people are harmed by trade.
Monopolistically competitive firms fail to fully realize their economies of scale.
Answer the following statement true (T) or false (F)