A decrease in the value of a currency in terms of other currencies is known as
A) an appreciation.
B) a depreciation.
C) a par value.
D) a gold point.
B
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The above table gives the total utility that Homer obtains from consuming various quantities of chocolate chip cookies. The marginal utility from the third pound of cookies is
A) 3. B) 4. C) 9. D) 12.
The underground economy — the informal sector — can be a significant drag on the economies of developing countries. Why are firms in the informal sector often less efficient than firms in the formal sector?
What will be an ideal response?
If aggregate demand and nominal GDP increase while the price level is constant, we would conclude that
A) the economy is already at full employment. B) the aggregate supply curve is upward sloping. C) the aggregate supply curve is horizontal. D) the aggregate demand curve is vertical.
Goods are scarce when:
a. their price is too low. b. their price is too high. c. the amount people want is more than the amount available at a zero price. d. people want less of something as compared to what is available. e. their prices are controlled.