To an American, the demand curve for euros tells
a. that Americans do not want to purchase euros
b. how many euros Americans would want to buy in a given time period, at each different exchange rate
c. the real interest rate on foreign currency over time
d. how many Americans are willing to buy euros
e. how many euros have been purchased during a given time period
B
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________ is the value of a good minus the price paid for it summed over the quantity bought
A) Producer surplus B) Consumer surplus C) Surplus D) Shortage
Refer to Figure 5-3. The efficient price of medical services is
A) $40. B) $55. C) $65. D) > $65.
Many economists believe
A) the Fed could have reduced the severity of the Great Depression by raising interest rates. B) the Fed could have reduced the severity of the Great Depression by encouraging banks to make fewer loans to insolvent businesses. C) bank failures increased the severity of the Great Depression. D) the severity of the Great Depression and the policies of the Fed were unrelated.
If the price of oil, a close substitute for coal, increases then the
A. supply curve for coal will shift to the right. B. demand curve for coal will shift to the right. C. equilibrium price and quantity of coal will not change. D. demand curve for coal will shift to the left. E. supply curve of coal will shift to the left.