The more we pay for a euro, the __________ European goods are to us and the __________ European assets are to us
A) cheaper; cheaper
B) cheaper; more expensive
C) more expensive; cheaper
D) more expensive; more expensive
D
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When private expenditures decrease as a result of increased government spending, this is known as
A) the multiplier effect. B) the stabilizer effect. C) government deficit spending. D) the crowding out effect.
The upward-sloping character of the labor supply schedule assumes that the ________
A) the substitution effect is equal to the income effect B) the substitution effect is larger than the income effect C) the substitution effect is smaller than the income effect D) the ratio of real wages to the marginal product of labor is equal to the equilibrium nominal wage
A decrease in supply shifts the supply curve to the left
a. True b. False Indicate whether the statement is true or false
Figure 20-1
Which of the diagrams in Figure 20-1 shows the situation of an individual firm that hires labor in a perfectly competitive market?
A. A B. B C. C D. D