People in other countries want to hold U.S. dollars as a
A) medium of exchange.
B) store of value.
C) unit of account.
D) standard of deferred payment.
B
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If the U.S. Postal Service raised its first-class postage rate by 10 percent and found (to its surprise) total receipts from first-class mail service subsequently increased by 10 percent, the demand for first-class mail service would be
A) completely elastic. B) completely inelastic. C) greater than anticipated. D) unit elastic. E) upward sloping.
Refer to Table 20-16. Looking at the table above, real wages ________ from 2014 to 2015, and real wages ________ from 2015 to 2016
A) rose; fell B) fell; fell C) fell; rose D) rose; rose
The ________ exchange rate is the market rate between two currencies.
A. nominal bilateral B. real bilateral C. real effective D. nominal effective
If the price of an inferior good falls, the income effect will result in households buying ________ of the good and the substitution effect will result in households buying ________ of the good.
A. more; more B. more; less C. less; more D. less; less