If the price level in Japan is 1.0, the price level in the U.S. is 2.0, and it costs 100 Yen to buy one dollar, then the real exchange rate between the U.S. and Japan is
A) 2.
B) 10.
C) 50.
D) 100.
E) 200.
E
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People often make economic decisions they later regret, which shows
A) they failed to acquire additional information up to the point where expected marginal benefit equals expected marginal cost. B) they failed to behave rationally. C) they failed to invest as much as they ought to have invested in information. D) none of the above.
Use the above figure. Which graph depicts an inferior good?
A) A B) B C) C D) D
The concept quality-adjusted life year (QALY)
a. is a multidisciplinary approach to measuring health status. b. has little application to medical decision making. c. is used extensively in the U.S. to evaluate health care programs. d. is used extensively to evaluate medical care resource allocation within government-run programs on fixed budgets, especially in Europe. e. none of the above.
If newspaper headlines detailed an increased American interest in British goods, which of the following would we expect to observe in the market for pounds?
a. An increase in supply, a depreciation of the pound, and a larger number of pounds traded b. An increase in demand, a depreciation of the pound, and a smaller number of pounds traded c. An increase in demand, an appreciation of the pound, and a larger number of pounds traded d. A decrease in demand, a depreciation of the pound, and a smaller number of pounds traded e. A decrease in supply, an appreciation of the pound, and a smaller number of pounds traded.