Refer to the information provided in Figure 34.2 below to answer the question(s) that follow.
Figure 34.2Refer to Figure 34.2. The dollar is currently at Point A. A depreciation of the euro causes a movement to Point
A. E.
B. B.
C. C.
D. D.
Answer: B
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When tastes are not quasilinear, the positive economist will introduce error into the analysis if he uses the uncompensated (rather than the compensated) demand curve to analyze changes in consumer surplus.
Answer the following statement true (T) or false (F)
As the price elasticity of supply approaches infinity, very small changes in price lead to
a. very large changes in quantity supplied. b. very small changes in quantity supplied. c. no change in quantity supplied. d. None of the above is correct.
Which of the following is NOT an advantage associated with Eurocurrencies?
A) more convenience for users B) better yield for lenders C) tighter U.S. regulation D) cheaper lending rates
Suppose consumer tastes and preferences shift from pizza to tacos. In the short run case, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices
A) decreasing; increasing B) decreasing; decreasing C) increasing; increasing D) increasing; decreasing