When the dollar declines in value against a foreign currency, it is called a(n):
a. appreciation.
b. depreciation.
c. inflation.
d. deflation
Answer: b. depreciation.
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In the figure above, when the market is in equilibrium, total consumer surplus on all the CDs bought will be
A) greater than $30 million. B) less than at any other price. C) $20 million. D) less than $15 million.
All of the following are in-kind benefit programs, except
A. food stamps. B. Medicaid. C. energy assistance. D. SSI.
According to the textbook, for most goods and services-foods, beverages, entertainment, etc.-the income elasticity of demand is:
A. larger in the short run than in the long run. B. larger in the long run than in the short run. C. about the same in the short run and in the long run. D. is difficult to differentiate from the short run to the long run.
The increase in the price of sugar created by the tariff will lead domestic consumption to fall by ________ tons per year, compared to when the economy is open without the tariff.
A. 40 B. 20 C. 30 D. 10