When the dollar price of a British pound is $0.80, it is correct to state that an American traveling in England will receive ________ pounds per dollar
A) 1.25
B) 8
C) 80
D) 125
Answer: A
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If one is producing well within a production possibilities frontier, they are
A) using resources to the best of their ability. B) using resources at the lowest opportunity cost. C) using resources in an inefficient way. D) using resources in a way that maximizes their comparative advantage.
The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative
a. demand curve for macaroni b. income elasticity for macaroni c. Engel's law d. income e. price elasticity of demand for macaroni
Why have the earnings of persons with less education (and skill) fallen relative to those with more education (and skill)?
a. more regulation of the transport industry b. more powerful unions c. international competition d. all of the above
Which of the following is the Federal Reserve's most important tool of monetary control?
A. discounting operations B. margin requirements C. reserve requirement changes D. open market operations