If the price of pesos in dollars is $0.10,
A. the price of dollars in pesos is 10.
B. the price of dollars in pesos is 1.
C. the price of dollars in pesos is 1/10.
D. the price of dollars in pesos cannot be determined.
A. the price of dollars in pesos is 10.
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Usually the demand for labor decreases (that is, the demand for labor curve shifts leftward) if the
A) wage rate increases. B) wage rate decreases. C) price of the firm's output rises. D) prices of other factors fall.
A government mandated price increase for doodads will: a. decrease the quantity of doodads supplied but increase the quantity of doodads demanded. b. increase the quantity of doodads supplied but decrease the quantity of doodads demanded. c. increase the demand for doodads and decrease the supply of doodads
d. decrease the demand for doodads and increase the supply of doodads.
The concept that suggests that given the available inputs and technology, it is impossible to produce more of one good without decreasing the quantity that is produced of another good is:
a. the law of supply. b. balanced production. c. productive efficiency. d. effective demand.
In the context of aggregate supply, the long run is defined as the period during which
a. some prices are set by contracts and cannot be adjusted. b. prices can change, but neither aggregate supply nor aggregate demand can shift. c. individuals have sufficient time to modify their behavior in response to price changes. d. quantity changes cannot occur in response to changes in relative prices.