In February 2002, the euro/dollar exchange rate was 1.20, and in May 2002, the euro/dollar exchange rate was 1.10. What happened to the exchange rate during this period?
A) Euro appreciated against the dollar.
B) Euro depreciated against the dollar.
C) Dollar appreciated against the euro.
D) Both B and C.
A
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An airlines realizes that instead of offering free checked in baggage, they could put a charge on checked baggage without the demand for the tickets decreasing. The space saved can be used to carry priority mail packages, with hardly any additional costs. The airlines has realized
a. Economies of scale b. Economies of scope c. Diseconomies of scale d. Diseconomies of scope
Suppose a farmer knows that he will be able to harvest and sell 3,000 bushels of wheat. Would he prefer a market in which conditions are favorable and most farmers harvest large crops or a market in which conditions are unfavorable and many farmers harvest small crops? Why?
Which of these meets the M2 definition of money, but not the M1 definition of money?
a. traveler’s checks b. savings deposits c. currency d. demand deposits
All of the following statements are true of the minimum efficient scale except one. Which one?
A) All possible economies of scale have been exhausted. B) The short-run average total cost curve's minimum point is equal to the long-run average cost curve's minimum point. C) Any increase in the scale of operation will encounter either constant returns to scale or diseconomies of scale. D) An increase in the output level will increase profit.