The supply curve for Japanese yen (in terms of U.S. dollars) is ________.
A. downward-sloping because a lower dollar price of yen means U.S. goods are cheaper to the Japanese
B. downward-sloping because a higher dollar price of yen means U.S. goods are cheaper to the Japanese
C. upward-sloping because a lower dollar price of yen means U.S. goods are cheaper to the Japanese
D. upward-sloping because a higher dollar price of yen means U.S. goods are cheaper to the Japanese
Answer: D
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Bill owns a lawn-care company in Windermere, Florida, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed
If Bill's average total cost curve is ATC, his total economic ________ equals ________. A) loss; $800 per week B) profit; $1,280 per week C) profit; $480 per week D) loss; $1,280 per week E) profit; $32 per week
At a price of $4 in the above figure
A) the equilibrium quantity is 400 units. B) there is a surplus of 200 units. C) the quantity supplied is 400 units. D) there is a shortage of 200 units.
The aggregate supply curve shows the negative relationship between general price level and real GDP
a. True b. False Indicate whether the statement is true or false
For a monopsonist, as the number of workers hired increases, the
a. wage rate falls due to the increase in supply b. MLC curve and the labor supply curve get further apart c. MLC curve and the labor supply curve get closer together d. total labor costs fall e. first workers continue to get paid less than the new workers