Who benefits when the exchange rate of Japanese yen per dollar increases?
a. Japanese exporters
b. Japanese tourists
c. Japanese importers
d. American exporters
e. Japanese students in the U.S. whose source of income is money sent to them from Japan.
A
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A study by Edward Prescott found that the ________ marginal tax rates in the United States relative to Europe resulted in a ________ quantity of labor supplied in the United States
A) higher; smaller B) lower; smaller C) lower; larger D) higher; larger
Prices that adjust slowly to their long-run equilibrium ________
A) help the economy to avoid economic fluctuations B) call for policies that focus on short-run fluctuations C) are conducive to maintaining low inflation D) all of the above E) none of the above
According to A.P. Lerner, splitting income equally among individuals was most appropriate for maximizing combined satisfaction
Indicate whether the statement is true or false
Which of the following is a danger of inflation?
a. Price changes can affect the people who sign long-term contracts. b. Rapid price changes reduce uncertainty. c. Anticipated inflation may be greater than unanticipated inflation. d. High rates of inflation will reduce interest rates.