An increase in the value of a currency relative to other currencies is called a(n):
A. overvaluation.
B. appreciation.
C. evaluation.
D. devaluation.
Answer: B
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In a decreasing cost industry, the
a. long-run supply curve is horizontal b. short-run supply curve slopes downward c. long-run demand curve slopes upward d. long-run supply curve slopes downward e. long-run supply curve slopes upward
What's the basis for arguing that deficits are likely to lead to lower living standards in the future?
Which of the following statements is consistently associated with the standard migration model?
A. The decision to move is expected to increase the household's overall utility. B. Return migration occurs only when the mover regrets having made the initial move. C. Moving for job reasons is always done at the expense of family desires. D. Repeat migration occurs only when the mover is moving for job-related reasons. E. Repeat migration occurs only when the mover regrets having made the initial move.
Refer to Exhibit 2-3. If PPF1 is the relevant production possibilities frontier, society can only choose to produce at a point that lies
