Consider the following:
The relative price of hamburgers this year has
A. increased.
B. decreased.
C. stayed the same.
D. Not enough information has been given to calculate an answer.
Answer: A
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It is customary to express changes in the exchange rates of two currencies over time, as:
a. the loss of purchasing power of one currency divided by the loss of purchasing power of the other currency. b. the percentage change expressed as an appreciation or depreciation of one against the other. c. a ratio of the absolute values (without signs). d. a ratio of the price of gold in each nation.
A knowledge spillover occurs when firms:
a. restrict trade of inputs with each other. b. have wasteful expenditure. c. mimic the successful innovations of other firms. d. keep secrets from other firms.
Figure 10-7
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Which of the diagrams in Figure 10-7 shows an economic recession caused primarily by a change aggregate demand?
A. (A) B. (B) C. (C) D. (D)
Durable goods are expected to last for at least 10 years.
Answer the following statement true (T) or false (F)