Refer to the Article Summary. The convertible peso (CUC) is worth 25 times the peso (CUP), yet Cuban officials have for years treated the two currencies as being of equal value. This indicates that the peso (CUP) is ________ compared to the convertible peso (CUC), and would need to be ________ for the two currencies to reach the market equilibrium exchange rate.
A) overvalued; revalued
B) undervalued; devalued
C) overvalued; devalued
D) undervalued; revalued
C
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All of the following are considered to be unemployed EXCEPT
A) job leavers. B) discouraged workers. C) job reentrants. D) new job entrants.
The age-earnings cycle is
A) the distribution of money income by age. B) the distribution of wealth by age. C) the relationship between earnings while working and retirement benefits for an individual. D) the regular earnings profile of an individual throughout his or her lifetime.
Which of the following statements is correct?
a. The market for capital is unlike the market for labor because the rental price of capital is unaffected by the marginal product of capital, whereas the price of labor is affected by the marginal product of labor. b. The market for capital is unlike the market for labor because the purchase price of capital is unaffected by the marginal product of capital, whereas the price of labor is affected by the marginal product of labor. c. The market for capital is like the market for labor because the rental price of capital is affected by the marginal product of capital, and the price of labor is affected by the marginal product of labor. d. Both a and b are correct.
Which of the following statements is true?
A) To an economist, demand is different from quantity demanded. B) A demand schedule is the numerical tabulation of the law of demand. C) A demand curve is the graphical representation of the direct relationship between price and quantity demanded. D) a and b E) a, b, and c