In the foreign exchange market, a decrease in the exchange rate increases the quantity of dollars supplied
Indicate whether the statement is true or false
FALSE
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If the price of a candy bar is $1 and the price of a fast food meal is $5, then the
A) relative price of a candy bar is 5 fast food meals per candy bar. B) money price of a candy bar is 1/5 of a fast food meal per candy bar. C) relative price of a fast food meal is 5 candy bars per fast food meal. D) money price of a fast food meal is 1/5 of a candy bar per fast food meal.
Suppose Raymond and Victoria attend a charity benefit and participate in a silent auction. Each has in mind a maximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is called
a. deadweight loss. b. willingness to pay. c. consumer surplus. d. producer surplus.
Table 25.1 Company XYZ's Possible ResponsesCompany ABC's ActionCharge high PricesCharge low PricesCharge high PricesProfit gain/loss=$0Profit loss=$5,000Charge low PricesProfit gain=$50,000Profit loss=$500Given the payoff matrix in Table 25.1, if the probability of rivals matching a price reduction is 99 percent, what is the expected payoff for a price cut by Company ABC?
A. $0. B. -$5,000. C. $5. D. -$500.
When the firm increases output and the costs rise disproportionately faster, then the long-run average cost curve is ________ and the firm is experiencing ________.
A. horizontal; constant returns to scale B. downward sloping; constant returns to scale C. upward sloping; diseconomies of scale D. downward sloping; economies of scale