For foreigners, the intersection of the demand for US dollars and the supply of US dollar is known as the
a. Inflation rate
b. Exchange rate
c. Price
d. Quantity
b
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 The opportunity cost of making a calculator for Smith is ________ and for Jones it is ________.
A. 1 computer; 0.5 computers B. 0.10 computers; 0.05 computers C. 10 computers; 20 computers D. 0.6 computers; 1.2 computers
If demand for a good is elastic, then the price elasticity will be:
A. equal to one. B. equal to zero. C. greater than one. D. less than one.
Explain and show graphically how an increase in household saving affects the equilibrium interest rate and the equilibrium quantity of loanable funds
What will be an ideal response?
Suppose that growth in output that can be attributed to growth in labor and capital is 6%. If output grows at a rate of 6%, it must be the case that
A. growth in capital exceeds growth in labor. B. the economy is not experiencing technological progress. C. the economy is experiencing technological progress. D. growth in labor force exceeds growth in capital.