If the exchange rate of U.S. dollars for Canadian dollars is 1.1 Canadian dollars to $1 (U.S.), then the exchange rate of Canadian dollar for U.S. dollars is
A. .1 (1.1-1) US dollars per Canadian dollar.
B. .909 (1/1.1) US dollars per Canadian dollar.
C. -.1 (1-1.1) US dollars per Canadian dollar.
D. not knowable from this data.
Answer: B
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Assume the United States and Canada have the same amount of resources. In a given time period, the United States can produce 3 tons of steel or 300 tons of wheat. Canada can produce 4 tons of steel or 400 tons of wheat. This means that
A. The United States has a comparative advantage in steel. B. Canada has an absolute advantage in both steel and wheat. C. Canada has a comparative advantage in steel. D. The United States has an absolute advantage in steel.
In 2017, an income of $125,000 would, roughly, make a family
A. richer than 40 percent of U.S. households but poorer than 35 percent. B. richer than 50 percent of U.S. households but poorer than 25 percent. C. richer than 85 percent of U.S. households but poorer than 8 percent. D. richer than 95 percent of U.S. households but poorer than 1 percent.
Which of the following types of money has intrinsic value?
A. Commodity money B. Fiat money C. Both commodity and fiat money D. None of the above is correct.
What combination of changes would most likely decrease the equilibrium price?
A. supply increases and demand decreases B. demand increases and supply increases C. supply decreases and demand increases D. demand decreases and supply decreases