Suppose the exchange rate between the United States and Japan changed from $1 =150 yen to $1 = 140 Yen, which of the following statements is true?
A. the price of dollars in yen increased
B. the price of yen in dollars decreased
C. the yen depreciated
D. the dollar depreciated
Answer: D
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If a tax is imposed on each unit of a good purchased, ________
A) the supply curve shifts to the right B) the supply curve shifts to the left C) the demand curve shifts to the right D) the demand curve shifts to the left
A contestable market is similar to a perfectly competitive market in that there
A) are barriers to entry. B) are no barriers to entry. C) can be only one firm in the market. D) will be no entry if the existing firm earns an economic profit.
Olson (1971) claims that unions strive for job monopoly to achieve their goals by coercion
Indicate whether the statement is true or false
The largest component of GDP is
a. tax revenue b. government purchases of goods and services c. the nation's capital stock d. private investment spending e. private consumption expenditures