Ups and downs in business activity are referred to as
A. ebb and flow.
B. business fluctuations.
C. variability.
D. contractions.
Answer: B
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Under a flexible exchange rate system an increase in the value of a currency relative to other currencies is a called a ________ and under a fixed exchange rate system an increase in the official value of a currency is called a ________.
A. depreciation; devaluation B. depreciation; appreciation C. appreciation; revaluation D. revaluation; appreciation
Price makers do not have market power
Indicate whether the statement is true or false
Consider the production possibilities frontier displayed in the figure shown. The opportunity cost of one watermelon is:
A. 20 bushels of apples. B. 40 bushels of apples. C. 30 bushels of apples. D. 10 bushels of apples.
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. Consumer surplus changes by the area [E - C] if price goes from equilibrium to
A. P1. B. P3. C. < P1. D. > P3.