Initially the nominal exchange rate between the South Korean won and the U.S. dollar is 950 won per dollar. If the nominal exchange rate increases to 1000 won per dollar and the U.S and Korean price levels do not change, the real exchange rate
A) is the same as before.
B) is greater than before.
C) is less than before.
D) More information is needed to answer the question.
B
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Which of the following could explain why there was a stampede at the Richmond International Raceway where 1,000 laptops were being sold at $50 each?
A) Those who bought laptops at that price were those who valued laptops the most. B) The quantity of laptops demanded at $50 was higher than the quantity supplied. C) The demand for laptops is not very responsive to price. D) The price of $50 per laptop was above the equilibrium price of laptops.
In an unregulated market for healthcare, the equilibrium quantity is that at which ________ and the efficient quantity is that at which ________
A) D = S; MB = MSC B) D = S; MSB = MSC C) D = MSC; MB = MSC D) MSB = S; MB = S
Assuming government's goal is to benefit society as much as possible:
A. actions with negative and positive externalities should be encouraged. B. actions with negative externalities should be restricted and actions with positive externalities should be encouraged. C. actions with negative and positive externalities should be restricted. D. actions with negative externalities should be encouraged and actions with positive externalities should be restricted.
Recall the Application. The decrease in price of illegal drugs could be caused by either a(n) ________ in demand or a(n) ________ in supply of the drugs
A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease