Gold, silver and furs, when used as money, are referred to as
a. fiat money
b. precious money
c. paper currency
d. commodity money
e. exchange money
D
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Refer to Figure 8.1. The firm earns zero profit at what output?
A) 0. B) 34 and 79. C) 54. D) 60. E) 67.
Comparisons of GDP between developed and underdeveloped countries are often misleading because underdeveloped countries produce
a. a greater share of their total production in the household sector, which understates their GDP relative to developed countries. b. a smaller share of their total production in the household sector, which understates their GDP relative to developed countries. c. a greater share of their total production in the household sector, which overstates their GDP relative to developed countries. d. a smaller share of their total production in the household sector, which overstates their GDP relative to developed countries.
Suppose the U.S. removes an import quota on steel. U.S. exports
a. increase, the real exchange rate of the U.S. dollar appreciates, and U.S. net capital outflow increases. b. increase, the real exchange rate of the U.S. dollar depreciates, and U.S. net capital outflow is unchanged. c. decrease, the real exchange rate of the U.S. dollar appreciates, and U.S. net capital outflow is unchanged. d. decrease, the real exchange rate of the U.S. dollar depreciates, and U.S. net capital outflow decreases.
According to the law of demand, a demand curve
A. Has a positive slope. B. Has a negative slope. C. Exceeds the economy's ability to produce. D. Is a horizontal or flat line.