If the exchange rate between the yen and the dollar changes from 100 yen = $1 to 110 yen = $1, then:
A. the dollar has depreciated in value.
B. U.S.-made goods will become less expensive to Japanese citizens.
C. the dollar has appreciated in value.
D. Japanese-made goods will become more expensive to U.S. citizens.
Answer: C
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The price of non-work activities is:
A) zero. B) equal to the opportunity cost of those activities. C) less than the opportunity cost of those activities. D) greater than the opportunity cost of those activities.
Rates of substitution are determined by:
A. the consumer's income. B. the consumer's preferences. C. the number of available consumption bundles. D. the prices of different goods.
Which of the following is a significant difference in the outcomes between the dictator game and the ultimatum game?
A. There is little difference, as fairness considerations lead to similar splits of the money in both games. B. The dictator game tends to result in a more even split of the money. C. The ultimatum game tends to result in a more even split of the money. D. Self-interest is revealed more strongly in the ultimatum game than in the dictator game.
Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental economic question?
A. Which output will be produced? B. How is the output to be produced? C. How can the system accommodate change? D. Who is to receive the output?