Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. At a price of $10, the quantity demanded in the market would be
A) 2 lbs. B) 48 lbs. C) 50 lbs D) 52 lbs.
D
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If the exchange rate rises, the quantity of dollars demanded
A) increases and there is movement down along the demand curve for dollars. B) decreases and there is movement down along the demand curve for dollars. C) decreases and there is movement up along the demand curve for dollars. D) increases and there is movement up along the demand curve for dollars. E) does not change.
The nominal exchange rate is the
A) domestic currency price of foreign currency. B) foreign currency price of domestic currency. C) price of domestic goods in terms of foreign goods. D) price of foreign goods in terms of domestic goods.
An increase in the unemployment rate from 15 percent to 20 percent might be illustrated as: a. a movement up and to the left from one point along the production possibilities curve to another. b. a movement from a point on the production possibilities curve to an interior point
c. a movement from an interior point to a point on the production possibilities curve. d. a movement from a point inside the production possibilities curve to one closer to the origin.
Markets will always allocate resources efficiently
a. True b. False Indicate whether the statement is true or false