The exchange rate is $1 = 110 yen. If the price of a Japanese good is 37,500 yen, what is the approximate price of the good in dollars?
A) $29.45
B) $4,125,000
C) $294.49
D) $340.91
E) none of the above
D
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John Maynard Keynes wrote The General Theory of Employment, Interest, and Money (1936) to
a. improve the gold supply balances of the British government. b. prove that the punitive nature of the Treaty of Versailles would ultimately lead to recession in Europe. c. prove that active government policy would produce unemployment and high rates of inflation. d. demonstrate that pessimistic consumers and businesspersons could reduce their spending and condemn the economy to long-run stagnation.
Consider the market for capital equipment. Suppose the value of the marginal product of capital equipment increases. Holding all else constant, the equilibrium rental price of capital equipment will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium rental price of capital equipment.
On the long-run aggregate supply curve
A) a decrease in the price level decreases the level of potential GDP. B) a decrease in the price level increases the aggregate quantity of GDP supplied. C) a decrease in the price level decreases the aggregate quantity of GDP supplied. D) a decrease in the price level has no effect on the aggregate quantity of GDP supplied.
Disclosing information in more usable ways to decision-makers:
A. can nudge people toward making better decisions. B. effectively eliminates certain choices from a person's options. C. will never affect a person's decision. D. increases instances of rational ignorance.