If the U.S. dollar depreciates against the euro, it will be more expensive for European countries to purchase U.S.-made products.
Answer the following statement true (T) or false (F)
False
If the dollar depreciates against the euro, U.S.-made goods will become cheaper for Europeans.
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When price is above the equilibrium level, competitive price cutting will continue as long as quantity supplied exceeds quantity demanded.
Answer the following statement true (T) or false (F)
Diminishing returns occurs because
A) consumers don't buy enough of the products produced. B) one of the inputs in the production process is fixed. C) not enough people have jobs. D) two people have not satisfied their self-interests.
The longer the time that has elapsed since the price of a good changed, the
A) more elastic the demand for that good. B) steeper the demand curve. C) less elastic the demand for that good. D) smaller the amount of that good bought. E) fewer substitutes available for the good.
Because of diminishing marginal utility, you
A. should never buy more than one unit of a good, since additional units decrease your total utility. B. have to consider the effect of additional units on your total utility when you make purchases. C. wind up paying for units that you receive no benefit from. D. always want to increase your consumption of a good until the marginal utility you get is zero.