If the Canadian dollar price of United States dollars increases from C$.80 to C$1.00, it can be concluded that:
A. Both countries are on the international gold standard
B. The Canadian dollar has appreciated in value relative to the United States dollar
C. The United States dollar has depreciated in value relative to the Canadian dollar
D. The Canadian dollar has depreciated in value relative to the United States dollar
D. The Canadian dollar has depreciated in value relative to the United States dollar
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The United States is the largest consumer and importer of grains and other agricultural output in the world
a. True b. False Indicate whether the statement is true or false
An externality arises when a person engages in an activity that influences the well-being of
a. buyers in the market for that activity and yet neither pays nor receives any compensation for that effect. b. sellers in the market for that activity and yet neither pays nor receives any compensation for that effect. c. bystanders in the market for that activity and yet neither pays nor receives any compensation for that effect. d. Both (a) and (b) are correct.
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 500 units is $1.50. The minimum possible average variable cost is $1.00. The market price of the product is $1.25. To maximize profit or minimize losses, the firm should:
A. produce less than 500 units. B. shut down. C. continue producing 500 units. D. produce more than 500 units.
Economists define “efficiency” as the absence of waste.
Answer the following statement true (T) or false (F)