China has a ______ exchange rate with the United States, while Japan's exchange rate with the U.S. is determined by ____________.
Fill in the blank(s) with the appropriate word(s).
fixed; supply and demand
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In the short run, an increase in the price level induces firms to expand production because
A) they can increase profits by increasing maintenance costs. B) higher prices allow firms to hire more inputs by offering higher prices for inputs, which increases productivity and profits. C) each firm must keep its production level up to the level of its rivals, and some firms will expand production as the price level increases. D) prices of inputs are held constant, so the higher prices for firms' products imply that it is profitable to expand production.
Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position would improve if
a. The other customer leaves b. He receives an offer from a competing car dealer c. He can make it clear that he will leave if his offer isn't accepted d. All of the above
If you take investment by U.S. residents in other countries and you subtract investment by foreign residents in the U.S., you will find
a. gross foreign investment b. net foreign investment d. gross domestic product e. negative net foreign investment
A permanent reduction in inflation would
a. permanently reduce shoeleather costs and permanently lower unemployment b. permanently reduce shoeleather costs and temporarily raise unemployment c. temporarily reduce shoeleather costs and temporarily lower unemployment d. temporarily reduce shoeleather costs and temporarily raise unemployment