When the exchange rate between dollars and pounds moves from $2 = 1 pound to $1 = 1 pound, we say that the dollar has ________.
A. appreciated
B. inflated
C. depreciated
D. deflated
Answer: A
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Real output per capita is calculated by
a. multiplying the population by GDP b. dividing nominal GDP by the population c. dividing the population by nominal GDP d. dividing real GDP by the population e. dividing the population by real GDP
Exhibit 21-6 Dollars per British pound QuantityDemanded Dollarsper Pound QuantitySupplied 200 5 600 240 4 480 300 3 410 360 2 360 390 1 330 In Exhibit 21-6, when the exchange rate is 3 dollars per pound, there is an excess
A. supply of 110 pounds. B. demand of 110 pounds. C. supply of 110 dollars. D. demand of 110 dollars.
Transfer payments to individuals are about _____ percent of total government spending.
Fill in the blank(s) with the appropriate word(s).
Individuals with more experience tend to earn more than individuals with less experience. This is because
A. it is only fair that a more-experienced worker be paid more than a less-experienced worker. B. experience on the job increases an individual's human capital. C. the government requires that more-experienced workers be paid more than less-experienced workers. D. experience is a compensating differential.