Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:
A. less than $16.
B. more than $16.
C. at no more than $8.
D. at exactly $16.
Answer: D
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There was a spike in U.S. legal immigration from 1989 to 1991 due to:
A. An unstable political situation in Mexico B. Increased international travel C. Tremendous economic growth in the U.S. economy D. An amnesty program legalizing formerly illegal immigrants
As the price level ________, the purchasing power of money ________
A) decreases; stays the same B) increases; decreases C) decreases; decreases D) increases; increases
If a country has a fixed exchange rate
A) central banks must buy and sell their holdings of currencies to maintain a given exchange rate. B) central banks have more control over real GDP in the economy. C) the exchange rate is allowed to fluctuate in response to changes in the supply and demand for currency. D) the equilibrium exchange rate in that market does not respond to changes in supply and demand for currency.
Refer to the information provided in Figure 7.9 below to answer the question(s) that follow. 
Figure 7.9Refer to Figure 7.9. The slope of isocost CE is
A. -1/2. B. -1. C. -2. D. indeterminate from this information, as the prices of capital and labor are not given.