International Reserve assets are comprised of gold, foreign exchange, and IMF special drawing rights
Indicate whether the statement is true or false
TRUE
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Suppose that Joan, the only consumer of pork, has a downward-sloping demand curve for pork and faces an upward-sloping supply curve. If her demand curve shifts out because she develops a craving for pork, then at the new equilibrium (everything else equal),
a. the price of pork relative to other goods will be higher than before. b. Joan's marginal utility from every unit of pork she eats will be higher than before. c. Joan's real income will be lower than before. d. All of the above are correct.
If nominal gross domestic product is $4,800 and the money supply is $600, the velocity of money is _____
a. 18.3 b. 8 c. 4.57 d. 12
Suppose a firm uses both labor (L) and capital (K) and its long-run production function is given by the expression Q = F(L,K) = L2 × ?(L + 2K). The firm currently uses 100 units of capital. Assuming labor is finely divisible, graph the firm's short-run production function for the first five workers.
What will be an ideal response?
Dallas buys strawberries, and he would be willing to pay more than he now pays. Suppose that Dallas has a change in his tastes such that he values strawberries more than before. If the market price is the same as before, then
a. Dallas's consumer surplus would be unaffected. b. Dallas's consumer surplus would increase. c. Dallas's consumer surplus would decrease. d. Dallas would be wise to buy fewer strawberries than before.