Some nations such as Ecuador chose dollarization because:
a. the currency was depreciating so rapidly it became nearly worthless.
b. Ecuadorians wanted to save dollars for eventual emigration to the U.S.
c. the Ecuadorian currency was backed by gold,which was confiscated by government officials.
d. All of these are reasons why such countries chose dollarization.
Ans: a. the currency was depreciating so rapidly it became nearly worthless.
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Which of the following is an example of a good whose price goes down because of improvements in technology?
a) computer printers b) running shoes c) hard-bound books d) typewriters
Refer to the table shown. The average total cost of producing 5 units of output is:Units of outputTotal cost05111216320423525626
A. $25. B. $15. C. $10. D. $5.
Scarcity implies that
A) the satisfaction of one person's want means another person's want can also be satisfied. B) the satisfaction of one person's want means another person will be more than satisfied. C) the satisfaction of one person's want means another person's want cannot be satisfied. D) no person's wants can be satisfied.
The formula for computing a basic price index is
A. (100/cost of market basket in base year) + cost of market basket today. B. (cost of market basket today/cost of market basket in base year) × 100. C. (cost of market basket in base year/100) × cost of market basket today. D. (cost of market basket in base year/cost of market basket today) × 100.