Based on this figure, if the krone exchange rate is fixed at $0.09 dollars per krone, the krone is ________. 
A. revalued
B. overvalued
C. devalued
D. undervalued
Answer: D
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In a closed economy, the goods market is in equilibrium when
A) Y = S + I + G. B) C + S = I + G. C) C + I = S + G. D) Y = C + I + G.
Over the range of most of a firm’s output, average revenue is greater than price.
Answer the following statement true (T) or false (F)
A price floor is:
a. the lowest price a producer will accept. b. the lowest price a consumer will pay. c. a minimum price set by the government above equilibrium price. d. a maximum price set by the government above equilibrium price e. usually set equal to equilibrium price.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. By what percentage did the federal minimum wage increase between 1974 to 2015?
A. 72.41 percent B. 262.5 percent C. 362.5 percent D. 525.0 percent