The sale of U.S. currency and purchase of foreign currency by the Federal Reserve would shift the demand curve for U.S. dollars to the left
a. True
b. False
Indicate whether the statement is true or false
False
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Explain how the market for gasoline would react to this price ceiling if a global shortage of oil sent the equilibrium price of gasoline to $3.50 a gal-lon. Would the U.S. gasoline market be efficient?
What will be an ideal response?
Suppose in India, one unit of labor can produce 330 pounds of rice or 110 shirts in a year. In China, one unit of labor can either produce 400 pounds of rice or 200 shirts in a year. Which of the following statements is true?
a. India has a comparative advantage in the production of rice. b. China has a comparative advantage in the production of rice. c. India has an absolute advantage in the production of shirts. d. India has an absolute advantage in the production of rice.
If the dollar price of the English pound goes from $1.50 to $1.75, the dollar has
a. appreciated, and Americans will find English goods cheaper. b. appreciated, and Americans will find English goods more expensive. c. depreciated, and Americans will find English goods cheaper. d. depreciated, and Americans will find English goods more expensive.
Which of the following are the components of the income approach to GDP?
a. wages, rents, interest, profits, investments, net exports b. wages, rents, interest, profits, depreciation, indirect business taxes c. wages, rents, investment, profits, depreciation, net exports d. wages, rents, investment, profits, net exports, indirect business taxes