On May 12, 2011, it cost U.S. $1.64 to buy 1 British pound. How many British pounds would U.S. $1 buy?
A. 0.56
B. 0.61
C. 1.64
D. 2.64
Answer: B
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Which of the following is true?
i. When the world price of a good is lower than the price that balances domestic supply and demand, a country gains from exporting the good. ii. Compared to a no-trade situation, in a market with imports, consumer surplus is larger. iii. Quotas raise the domestic price of imported goods. A) only i B) only ii C) only iii D) i and ii E) ii and iii
A nation’s currency is said to depreciate when exchange rates change so that a unit of its currency can buy fewer units of foreign currency.
Answer the following statement true (T) or false (F)
Which of the following statements about demand is true?
a. The demand curve for a group of consumers in a market is simply the horizontal summation of each individual's demand. b. The single demand curve shows the quantity of a good that people will buy, allowing all factors (price, income, expected future prices, etc.) to vary. c. An increase in income will cause a person to move down and to the right along her demand curve. d. All of the above are true.
If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside) the production possibilities curve.
Hypothetical Production Schedule for a Two-Product Economy
