According to data on Pennsylvania agriculture in the 18th century, increases in productivity were primarily due to:
a. increases in average farm size.
b. increases in the amount of labor per farm.
c. decreases in the land-labor ratio
d. increases in the capital-labor ratio.
d. increases in the capital-labor ratio.
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If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
a. increase b. decrease c. fall to zero d. become equal to -1 e. remain unchanged
Suppose the consumer price index (CPI) for a given year is 150 . This means the rate of inflation for the given year is 50 percent
a. True b. False Indicate whether the statement is true or false
Exchange rates are 100 yen per dollar, 0.8 euro per dollar, and 12 pesos per dollar. A bottle of beer in New York costs 6 dollars, 500 yen in Tokyo, 6 euro in Munich, and 84 pesos in Cancun. Where is the most expensive and the cheapest beer, in that order?
a. Cancun, New York b. Munich, Tokyo c. Tokyo, Munich d. New York, Cancun
An increase in the value of a domestic currency in terms of other currencies is known as
A) an appreciation. B) a depreciation. C) a flexible exchange rate. D) a discount rate.