Refer to the Economics in Practice on page 360. Advertisements provide information in two ways-what they say and what they omit.
Answer the following statement true (T) or false (F)
True
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A depreciation of the U.S. dollar on the foreign exchange market will
a. make U.S. exports cheaper to foreigners. b. make imports less expensive for U.S. consumers. c. make U.S. exports more expensive for foreign consumers. d. probably cause the United States to run a capital account surplus in the long run.
Which of the following is true for the law of demand?
A. Sellers increase the quantity of a good available as the price of the good increases. B. An increase in price results from false needs. C. There is an inverse relationship between the price of a good and the quantity of the good demanded. D. Prices increase as more units of a product are demanded.
An decrease in Social Security contributions will make
A. national income larger. B. personal income larger. C. gross domestic product larger. D. national income smaller.
The branch of economics which studies the behavior of entire economies and policies that affect the economy as a whole is called
A) public economics. B) microeconomics. C) macroeconomics. D) normative economics.