Although the pegged exchange rate between the yuan and the dollar has ________ the yuan, China had been reluctant to abandon the peg for fear that abandoning the peg would ________
A) overvalued; reduce exports B) undervalued; reduce imports
C) overvalued; increase imports D) undervalued; reduce exports
D
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Which of the following best describes marginal cost?
a. The change in total cost when one additional unit of output is produced. b. Total cost divided by the quantity of output produced. c. Total variable cost divided by the quantity of output produced. d. Total fixed cost divided by the quantity of output produced. e. Costs that do not vary as output varies, and that must be paid even if output is zero.
Refer to the diagram above. The straight line E drawn through the wavy lines would provide an estimate of the:
a. Recovery trend b. Recession fluctuation c. Natural rate of unemployment d. Economic growth trend
The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of
A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour.
Refer to Figure 27-1. Suppose the economy is in short-run equilibrium above potential GDP and no policy is pursued. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) D to C. B) C to D. C) E to A. D) C to B. E) A to E.