If the Mexican peso appreciates against the U.S. dollar
A. U.S. exports will become more expensive in Mexico.
B. Mexican exports will become cheaper in the United States.
C. Mexican exports will become more expensive in the United States.
D. there will be no change in the price of Mexican imports in the United States.
Answer: C
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In the above figure, the axis breaks are used
A) to create a misleading graph. B) to indicate that there are jumps from the origin, 0, to the first values recorded along the axes. C) to indicate that there are not enough data to be included in the graph. D) to show that there are no data available for the omitted ranges.
Automobiles and many other products are differentiated. As a result
A) consumers of automobiles have difficulty deciding what type of imported automobile to buy. B) we see countries specializing completely in the production of automobiles. C) different countries may each have a comparative advantage in producing different types of automobiles. D) the quality of imported automobiles is less than it could be.
In 2010, a British Petroleum oil rig exploded in the Gulf of Mexico. The explosion resulted in a major oil spill and a decrease in the supply of oil. At the same time, the average price of gasoline decreased
Which of the following best explains the decrease in the price of gasoline? A) The quantity demanded of gasoline increased. B) The demand for gasoline decreased, and the effect of the decrease in demand on the gasoline price was greater than the price effect of the decrease in supply. C) The demand for gasoline increased, and the effect of the increase in demand on the gasoline price was less than the price effect of the decrease in supply. D) The demand for gasoline remained unchanged.
During fiscal year 2012, the most recent mentioned in the text, the federal government spent approximately
a. $1.7 billion b. $1.9 trillion c. $3.7 trillion d. $14.0 trillion