Consumer equilibrium exists when the marginal utility per dollar of expenditure is the same for all goods and services
a. True
b. False
Indicate whether the statement is true or false
True
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Use the following graph, which shows a change in the demand for pounds from D to D', to answer the next question.
Under a system of fixed exchange rates, ________.
A. the price of a pound will increase to $3 B. the price of a dollar will increase to 3 pounds C. the payment deficit will cause changes in price and income levels, which reestablishes the original exchange rate D. the shortage equal to b?a would be met using international monetary reserves
Based on the analysis of Alice Hanson Jones, what colonial region showed the most unequal distribution of wealth?
a. New England. b. Middle Colonies. c. South. d. Distribution was similar in all colonies.
Technological change creates long-term hardships for workers with specialized skills
a. True b. False Indicate whether the statement is true or false
Which of the following would not be considered an internal force that helps move the economy out of a trough?
a. the replacement of worn-out capital b. higher interest rates c. the replacement of depleted inventories d. costs falling lower than prices