Appreciation of the British pound will
A. make Britain's exports less expensive and her imports more expensive.
B. make Britain's exports more expensive and her imports less expensive.
C. make Britain's exports and imports both more expensive.
D. make Britain's exports and imports both less expensive.
B. make Britain's exports more expensive and her imports less expensive.
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The basis of the benefits of specialization is
a. comparative advantage b. absolute advantage c. size of country d. identical production costs between two countries e. self-sufficiency
The law of diminishing marginal utility suggests that a demand curve: a. shows a direct relationship between price and quantity demanded. b. has a slope equal to zero
c. has a positive slope. d. has a negative slope.
According to the sophisticated, or modern quantity theory of money, if there is a depression and M rises,
A. P will rise. B. P will fall. C. Q will rise. D. Q will fall.
The ____ is a monetary measure of the economy’s output during a specific time period and is used by all nations to measure and compare national production.
Fill in the blank(s) with the appropriate word(s).