In equilibrium, if $1 = 0.5 pound sterling and 1 pound sterling = 40 Swiss francs, the exchange rate between dollar and franc will be:
A. 1 franc = $.10
B. 1 franc = $.20
C. $1 = 80 francs
D. $1 = 20 francs
D. $1 = 20 francs
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Amber Crombie is a stay-at-home mom while her husband Fitch works two jobs. What can we clearly conclude?
A) Amber Crombie is unemployed. B) Fitch is employed. C) Amber Crombie is exploited. D) Fitch is exploited. E) All of the above are true.
Explain the difference between a change in supply and a change in quantity supplied. Be sure to state what causes each to change and how they differ when graphed
When demand is elastic, an increase in price will cause
a. an increase in total revenue.
b. a decrease in total revenue.
c. no change in total revenue but an increase in quantity demanded.
d. no change in total revenue but a decrease in quantity demanded.
Monetarists believe that the aggregate supply curve is relatively steep in the short and long runs. This means they expect
A. inflation with no change in output. B. increases in output to bring much inflation. C. increases in output to bring little inflation. D. decreases in output to bring much inflation.