Other things the same, if the exchange rate changes from 6 Chinese yuan per dollar to 7 Chinese yuan per dollar, then the dollar
a. appreciates and buys more Chinese goods.
b. appreciates and buys fewer Chinese goods.
c. depreciates and buys more Chinese goods.
d. depreciates and buys fewer Chinese goods.
a
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The table above represents five points on the production possibility frontier for the small country of Baca, which produces only rugs (measured in thousands) and wheat (measured in thousands of bushels): If the economy is currently at point A,
what is the opportunity cost of producing an additional 10,000 bushels of wheat? If the economy is currently at point B, what is the opportunity cost of producing an additional 10,000 bushels of wheat? What if the economy is currently at point D?
Identify whether each of the following topics would be primarily a concern of microeconomics or macroeconomics:
a. The decision by a household to eat in rather than go out for dinner this evening. b. The unemployment rate increased from 4.5% to 4.8%. c. A decision by the Federal Reserve Bank to decrease the supply of money in the economy. d. The general level of prices increased by 5% last year. e. The price of bicycles increased by $30 last year. f. The family restaurant chain closed down after losing much of its customer base to fast-food competitors over the last few years.
Give a complete but concise definition of the following terms
a. perfect competition b. perfectly competitive firm's demand curve c. shutdown point d. long-run equilibrium in perfect competition
The supply of human capital to a particular use is
a. perfectly inelastic in the short run. b. perfectly elastic in the long run. c. more inelastic in the short run since it takes time for persons to acquire a particular skill. d. more elastic in the short run since individuals who already possess the particular skill can be attracted into the labor force in the short run.