An increase in foreign demand for U.S. exports will ____ demand for the dollar, causing the dollar to ______.
A. decrease; appreciate
B. increase; depreciate
C. increase; appreciate
D. decrease; depreciate
C. increase; appreciate
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In the long run, firms in a perfectly competitive market will:
A. exit if the price is lower than their lowest average total cost. B. attract other firms to the market if the price is equal to their lowest average total cost. C. not attract other firms if they are earning slightly positive economic profits. D. earn positive economic profits.
An example of a good that is rival in consumption is:
A. an air show over the whole city. B. a floral display at a large university's graduation ceremony. C. a scientific discovery that allows florists to grow flowers to which no one is allergic. D. a Big Mac.
Recall the Application about the impact tariffs have on lower income households to answer the following question(s). Economists have found that tariffs in the United States fall most heavily on lower-income consumers. In the United States, tariffs are very high on textiles, apparel items and footwear, and within these categories the highest tariffs fall on the cheapest products. In general, to protect U.S. industries, tariffs are highest on labor-intensive goods.If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), who would benefit the most?
A. low-income consumers B. high-income consumers C. the U.S. government D. the foreign manufacturer
Which of the following was one of the likely causes of the productivity problem of the 1970s?
A. a reduction in government regulation B. an increase in research and development spending C. rapid growth in investment spending D. low saving rates