When variable A rises by 10 units, variable B rises by 15 units. The slope of the line describing this relationship is
A. always 2/3.
B. either 2/3 or 1.5, depending on which variable goes on which axis of the graph.
C. either 1.5 or ?1.5, depending on which variable goes on which axis.
D. always ?1.5.
Answer: B
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An exchange rate that has an officially fixed value greater than its fundamental or market equilibrium value is called a(n) ________ exchange rate.
A. overvalued B. devalued C. undervalued D. depreciated
Which one of the following is part of the M2 definition of the money supply, but not part of M1?
A. checkable deposits B. currency held in banks C. currency in circulation D. small time deposits of less than $100,000
Suppose that real domestic output in an economy is 2400 units, the quantity of inputs is 60, and the price of each input is $30. The per-unit cost of production is:
A. $2.00. B. $0.75. C. $0.50. D. $0.25.
Figure 14.3 represents the market for used refrigerators. Suppose buyers are willing to pay $300 for a plum (high-quality) used refrigerator and $100 for a lemon (low-quality) used refrigerator. If buyers believe that 50% of used refrigerators in the market are lemons (low quality), what fraction of used refrigerators sold will actually be plums (high quality)?
A. 50/250 B. 50/300 C. 250/300 D. None of the refrigerators sold will be plums.