Which of the following examples definitely illustrates an appreciation of the U.S. dollar?
A) The dollar exchanges for 120 euros and then exchanges for 100 euros.
B) The dollar exchanges for 100 yen and then exchanges for 125 euros.
C) The dollar exchanges for 1 pound and then exchanges for 1.2 pounds.
D) none of the above
C
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Refer to Figure 18.3. After trade and specialization begin, the maximum amount of scooters that Livonia can consume is
A) 120. B) 100. C) 80. D) 40.
If the demand for a good decreases as income decreases, then the good is a(n):
A. complementary good. B. substitute good. C. inferior good. D. normal good.
In the United States, the minimum wage is defined as
A. the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government. B. the wage that the youngest job entrant into the job market makes. C. the wage ceiling above which a firm no longer must pay its employees additional benefits. D. the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.