Under a flexible exchange rate system, a decrease in the value of a domestic currency in terms of foreign currencies is referred to as
A) an appreciation.
B) a depreciation.
C) a devaluation.
D) a revaluation.
Answer: B
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Compared to the United States, health care spending per person in other high-income countries has been
A) declining at approximately the same rate. B) growing at a slower rate. C) growing at a faster rate. D) growing at approximately the same rate.
Refer to Table 5.1. Ranked highest to lowest in expected income, the majors are
A) economics, accounting, English, mathematics, political science. B) mathematics, English, political science, accounting, economics. C) economics, accounting, mathematics, English, political science. D) English, economics, mathematics, accounting, political science. E) accounting, English, mathematics, political science, economics.
If a profit-maximizing firm hires an additional unit of labor, what must be true about labor's wage and marginal revenue product?
a. Its wage always equals its marginal revenue product. b. Its wage is always greater than its marginal revenue product. c. Its wage is always total revenue minus marginal revenue product. d. Its wage is always less than or equal to its marginal revenue product.
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. In moving from combination E to F, the opportunity cost of an additional unit of steel is:
A. 5 units of steel
B. 0 unit of wheat
C. 1 unit of steel
D. 30 units of wheat