Between 2000 and mid-2005, the value of the U.S. dollar expressed in Chinese yuan
A. was zero because it was illegal to sell yuan.
B. remained essentially constant.
C. decreased precipitously.
D. increased sharply.
Answer: B
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A price floor influences the outcome of a market if it is ______
A. set below the equilibrium price B. set above the equilibrium price C. an incentive for buyers to increase demand for the good D. an incentive for sellers to decrease supply of the good
Which of the following is true of the demand curve for a normal good? a. The shape of the individual demand curve for a normal good is necessarily linear
b. The slope of the individual demand curve for a normal good is necessarily positive. c. The shape of the individual demand curve for a normal good can either be linear or non-linear. d. The slope of the individual demand curve for a normal good can either be positive or negative.
Given an initial endowment of factor inputs,
A. there are many efficient output levels for the firms. B. a production possibility curve can be determined without knowing the contract curve. C. the midpoint on the production contract curve is the most equitable point. D. there is only one efficient level of outputs.
World War I (1914–18) caused inflation because
(a) war production stressed an economy already operating close to full employment. (b) fiscal policy mandated it. (c) the Federal Reserve System required it. (d) inflation always occurs in times of war.