If the value of a dollar rises in terms of yen, the dollar has ________ and the yen has ________
A) appreciated; appreciated
B) appreciated; depreciated
C) depreciated; appreciated
D) depreciated; depreciated
B
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Once monetary policy is dedicated to controlling the level of nominal GDP, then fiscal policy can be used to
A) choose the overall level of interest rates, with a high budget surplus implying a high level of interest rates. B) choose the overall level of interest rates, with a high budget deficit implying a high level of interest rates. C) control the level of inflation, with a high budget surplus implying a faster rate of inflation. D) control the level of inflation, with a high budget deficit implying a faster rate of inflation.
Clark is willing to pay $100 for a new softball glove. If the market price for the glove is $150, _____
a. he will purchase the glove as his marginal utility is maximized b. he will not purchase the glove as his marginal utility is negative c. he will purchase the glove as it will increase his total utility d. he will not purchase the glove because the market price is greater than the price he is willing to pay
Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy. Figure 5-3 shows four diagrams that represent different changes in the macroeconomy. Choose the diagram that best represents the situations described in the following questions.Figure 5-3
Which graph in Figure 5-3 best represents the supply-side shock of the 1970s oil crisis?
A. 1 B. 2 C. 3 D. 4
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.