If U.S. consumers decrease their demand for German goods, this would have what effect Dif: 3 on the foreign exchange market for euros?
a. decrease in demand
b. increase in demand
c. no effect
d. decrease in supply
e. increase in supply
A
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Before the nation's first transcontinental railroad was completed, travelers to the Pacific Coast used which forms of transportation?
a. ship, wagon b. dugout canoe, dirigible c. horse d. All of the above are correct.
When we focus on labor as an input in the production process, we typically draw the production function by measuring the
a. quantity of labor on the horizontal axis and the quantity of output on the vertical axis. b. quantity of labor on the horizontal axis and the marginal product of labor on the vertical axis. c. quantity of labor on the horizontal axis and the value of the marginal product of labor on the vertical axis. d. value of the marginal product of labor on the horizontal axis and the quantity of output on the vertical axis.
The supply curve of a natural resource like oil has a positive slope because
A. the supply becomes closer to exhaustion as demand rises. B. it becomes more costly to find and develop supplies as demand rises. C. rents rise as output increases. D. indirect taxes rise with output.
After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. a decrease in the seller's reservation price. B. the income effect of a price change. C. the substitution effect of a price change. D. a decrease in the buyer's reservation price.