Ceteris paribus, a weaker U.S. dollar does all of the following except
A. Reduce the prices paid by U.S. consumers for foreign-grown farm products.
B. Raise costs of importing agricultural products from abroad to the United States.
C. Generate short-run economic profits for farmers because it increases foreign demand for U.S. agricultural products.
D. Raise the dollar value of farmland because it increases foreign demand for U.S. agricultural products.
Answer: A
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The figure above shows a nation's production possibilities frontier. In the figure, point A shows
A) the minimum quantity of pizza that the society must produce. B) the maximum quantity of pizza that can be produced. C) an unattainable point. D) an attainable point with unemployed resources. E) More information is needed to determine which of the above answers is correct.
According to economic theory, the political process tends to
A) benefit every participant equally. B) harm every participant equally. C) concentrate benefits in the hands of special interest groups and disperse the costs throughout the uninformed voters. D) support public projects that clearly pass a strict benefit-cost analysis.
Goods x and y are available to Jeff. At Jeff's optimum, the marginal utility per dollar spent on good x equals __________________
Fill in the blank(s) with correct word
Constant returns to scale cause the long-run average cost curve to be:
A. horizontal. B. vertical. C. upward-sloping. D. downward-sloping.