If the U.S. dollar price of one Japanese yen was $0.009 in 1997 and $0.011 in 2001, then the reciprocal exchange rate adjusted from $1 = ¥111.1 in 1997 to $1 = ¥90.9 in 2001 . This implies that over this time period, the U.S. dollar experienced a depreciation relative to the Japanese yen
a. True
b. False
Indicate whether the statement is true or false
True
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A landfill site produces an obnoxious odor. Homes downwind of the site rent for $1000 per month while homes upwind of the site rent for $1500 per month
If the odor is the only detectable difference between two neighborhoods, the difference in the rent is the ________ of the odor. A) social cost B) external cost C) private cost D) marginal cost-benefit E) private benefit
Suppose that the supply of insulin is perfectly elastic and the demand for insulin perfectly inelastic. Then the result of an excise tax would be
A. a significant increase in government revenue and a significant decrease in the quantity consumed. B. a significant decrease in the quantity consumed with no change in government revenue. C. a significant increase in government revenue and no change in the quantity consumed. D. no increase in government revenue and no change in the quantity consumed.
Which of the following is not included in census income?
a. wages and salaries. b. property income. c. cash welfare benefits. d. in-kind transfers.
Competition means that:
A. sellers can manipulate market price by causing product scarcities. B. there are independently acting buyers and sellers in each market. C. a product can be purchased at a number of different prices. D. there is more than one seller in a market.