When the supply and demand of currencies in the foreign exchange market determines their relative values, this is known as
A) flexible exchange rates.
B) depreciation.
C) fixed exchange rates.
D) appreciation.
A
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Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In the market for gasoline,
A) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the supply curve shifted to the left resulting in an increase in the equilibrium price. D) the supply curve shifted to the right resulting in an increase in the equilibrium price.
Individuals who specialize in activities that lower transaction costs are
A. producers. B. middlemen. C. consumers. D. bureaucrats.
Those who criticize individuals who choose to drive a relatively inefficient sport utility vehicle (SUV) might mistakenly
A) assume everyone faces the same relative prices. B) assume everyone has the same preference set. C) assume everyone has the same budget constraint. D) All of the above.
Excludability means that when someone is consuming a good, then others are excluded from using the good anymore.
a. true b. false