In 2008, $1.00 U.S. bought 8.24 Chinese Yuan and in 2010, it bought 6.64 Chinese Yuan. Therefore, 1.00 Chinese Yuan was worth _____ U.S. in 2008 and _____ U.S. in 2010
a. $0.12; $0.15
b. $1.20; $1.5
c. $0.82; $0.66
d. $0.15; $1.1
a
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In an oligopoly in which the firms have entered into a cartel agreement, the Nash equilibrium exhibits which of the following?
A) firms jointly maximizing profits B) the firms cheating on the cartel agreement, which benefits society C) production at a price and output level close to monopolistic competition in the long run D) the firms cheating on the cartel agreement, which harms society E) one firm cheating on the cartel agreement and the other firms complying with the cartel agreement.
Suppose that a bank begins with $500 million in deposits and $100 million in reserves and is just meeting its desired reserve ratio. Now suppose a decrease in the required reserve ratio lowers the desired reserve ratio to 10 percent
After the fall in the desired reserve ratio but before the bank makes any changes, the bank's excess reserves are A) 0. B) $400 million. C) $450 million. D) $50 million.
An improvement in technology would result in
A) upward shifts of MC and reductions in output. B) upward shifts of MC and increases in output. C) downward shifts of MC and reductions in output. D) downward shifts of MC and increases in output. E) increased quality of the good, but little change in MC.
The total amount of output producers are willing and able to produce at alternative price levels in a given time period is known as:
A. Aggregate demand. B. Aggregate supply. C. Real GDP. D. Macro equilibrium.