If $1 was equivalent to 120 Japanese yen in 2008 and 125 Japanese yen in 2010, it implies in 2010, there was:
a. a depreciation of the dollar against the yen.
b. a depreciation of the yen against the dollar.
c. an appreciation of the yen against the dollar.
d. no change in the value of yen, but the dollar had weakened.
e. no change in the value of dollar, but the yen had strengthened.
b
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In a world lacking property rights, it would be ________ to realize the gains from trade and there would be ________ specialization
A) easier; less B) easier; more C) harder; less D) harder; more
Suppose there are 100 identical firms in the rag industry, and each firm is willing to supply 10 rags at any price. The market supply curve will be a
A) vertical line where Q = 10. B) vertical line where Q = 100. C) vertical line where Q = 1000. D) horizontal line where Q = 1000.
Assume government policy increases the demand for corn
A) The consumer surplus of corn buyers will increase. B) The producer surplus of corn growers will decrease. C) The producer surplus of corn growers will increase. D) The producer surplus of corn growers will not change.
The difference between what you earn, say $1 million, and what you would be willing to work for, say, $80 thousand, is called your ______________.
Fill in the blank(s) with the appropriate word(s).