When a currency depreciates relative to other currencies as a result of government action,
A. it has appreciated.
B. it has been devalued.
C. it has been debased.
D. it has become worthless.
B. it has been devalued.
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Refer to Figure 7-1. Under autarky, the producer surplus is area
A) S + T + V + W + X. B) T + W + X. C) V. D) S + V.
Foreign residents can benefit from U.S. research and development activity because
A) they ignore U.S. patent laws and steal the technology. B) they can import the goods, obtaining inputs at lower cost than they would otherwise. C) countries usually share patented ideas. D) patents do a poor job of protecting the inventor.
From 1935 to 1950, inequality of money income was ______.
a. holding steady b. rising c. dropping d. worse than today
Capital and labor can be ___________ or ___________ factors of production.
Fill in the blank(s) with the appropriate word(s).