Suppose $1 will buy 150 yen in January and 200 yen the following December. This change could have occurred if the
A) demand curve for dollars shifted rightward.
B) demand curve for dollars shifted leftward.
C) supply curve of dollars shifted rightward.
D) demand curve for yen shifted rightward.
A
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Suppose there are two cities that have rent controlled apartments. In one city (Albany) all apartments are subject to rent control; in the other city (Halftrack) one-half of the apartments are rent controlled
Which of the following is most likely to be true? A) It will be impossible to rent an apartment in either city at any price. B) It will be difficult to find a rent-controlled apartment in Albany or Halftrack; rents for the Halftrack apartments not subject to controls will be higher than they would be without rent control. C) It will be easier to find an affordable apartment in Albany since rents will be low across the board. D) It will be easier to find an affordable apartment in Halftrack, either a rent-controlled apartment or another apartment, at a reasonable price.
Which of the following would not be classified as an oligopolistic industry?
A) Defense contractors. B) The recorded music industry. C) The tobacco industry. D) The women's clothing industry.
National income: a. is a measure of the income earned by owners of resources used in making final goods and services. b. is a measure of the income received by persons after taxes
c. equals aggregate income minus the statistical discrepancy. d. equals GDP minus depreciation.
Which of the following statements is true about comparative advantage?
a. Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. b. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. c. Low income countries cannot possibly have a comparative advantage in the production of any good or service because of the relatively low literacy rate. d. Comparative advantage exists whenever one person, firm, or nation can do something at lower opportunity costs than some other individual, firm, or nation. e. Only technologically advanced economies can have a comparative advantage in the production of a good or service.