If the U.S. demand for British pounds increases,
a. the dollar price of a British pound will increase
b. the dollar price of a British pound will decrease
c. the exchange rate between dollars and pounds will be out of equilibrium
d. the pound will fall in value against the dollar
e. there will be no change in either the value of the dollar or the pound
A
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If the economy were producing at point E and moves to point D,
A. resources will shift from producing capital goods to producing consumer goods.
B. resources will shift from producing consumer goods to producing capital goods.
C. more capital goods can be produced without any sacrifice in consumer goods production.
D. more consumer goods can be produced without any sacrifice in capital goods production.
If the economy is at full employment
A) the entire population is employed. B) the entire labor force is employed. C) the only unemployment is frictional unemployment plus discouraged workers. D) real GDP equals potential GDP.
The Congressional Budget Office projects that Social Security spending will rise from 5% of GDP to 6% over the next four decades. Why is that a problem?
What will be an ideal response?
The principle "survival of the fittest" tells us that
A. only the most innovative and adaptive firms are likely to survive competition. B. only the least innovative and adaptive firms are likely to survive competition. C. only the most innovative and adaptive firms are likely to attract more competition. D. only the most innovative and adaptive firms are likely to migrate to other products.