In 2007, the value of the U.S. dollar
a. increased relative to the euro.
b. decreased relative to the euro.
c. remained stable relative to the euro.
d. was equal to the value of the euro.
b
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The concept of "the invisible hand" suggests that
A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.
Suppose a firm sells its product in a competitive market. If the ongoing wage rate in a competitive labor market is $30 and the market price of a firm's product is $2, then which of the following statements is true?
A) The firm should continue to hire workers until the marginal product of the last worker hired is 2 units. B) The firm should continue to hire workers until the marginal product of the last worker hired is 5 units. C) The firm should continue to hire workers until the marginal product of the last worker hired is 10 units. D) The firm should continue to hire workers until the marginal product of the last worker hired is 15 units.
If the level of consumption is $100 billion and disposable income is $125 billion, then the
A) APC = 0.6 and saving is positive. B) APC = 0.8 and saving is negative. C) APC = 0.8 and saving is positive. D) APC = 0.6 and saving is negative.
The required reserve ratio is 12.5%. The money multiplier is
A. 2.5. B. 6. C. 7.5. D. 8.