The depreciation of a country's currency causes the price of imports to
A. Rise and the prices of exports to fall.
B. Fall and the prices of exports to fall.
C. Fall and the prices of exports to rise.
D. Rise and the prices of exports to rise.
Answer: A
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A supply schedule shows
a. the "market potential" for a product. b. how much producers are willing and able to sell at different prices. c. possible combinations of output under different conditions. d. how much consumers would like to buy at different prices. e. All of the above are correct.
Chapter 7
What will be an ideal response?
Refer to the accompanying figure. This economy would be operating at point B if:
A. the opportunity cost of making milk were higher than the opportunity cost of making movies. B. the opportunity cost of making movies were higher than the opportunity cost of making milk. C. it was operating efficiently. D. resources that are better-suited to making movies were being used to make milk, while resources that are better-suited to making milk were being used to make movies.
If more of an input factor is used, while holding other inputs constant, a firm will eventually experience:
A. Diminishing returns. B. Falling marginal cost. C. Rising marginal physical product. D. Rising consumer demand.