Measuring the amount of unemployment in the economy is a straightforward task
a. True
b. False
Indicate whether the statement is true or false
False
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When voluntary exchange takes place, neither party usually gains from the exchange
Indicate whether the statement is true or false
If the cost of a typical basket of goods in the U.S. is $100 and in Germany it is 200 euros, and the nominal exchange rate is 0.7 euro per dollar, what is the real exchange rate?
A. 0.35. B. 0.50. C. 3.50. D. 1.50.
Some products of the knowledge economy
A) have an initial marginal cost that is very low and then rises. B) have no marginal costs. C) have an initial marginal cost that is very high and then falls to zero. D) none of these choices.
The study of how the allocation of resources affects economic well-being is called
a. consumer economics. b. macroeconomics. c. willingness-to-pay economics. d. welfare economics.