If prices rise in Japan, everything else constant, the dollar __________ against the yen and the yen __________ against the dollar
A) appreciates; appreciates
B) appreciates; depreciates
C) depreciates; appreciates
D) depreciates; depreciates
B
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The function of money as a store of value diminishes if
A) money is no longer backed by gold. B) prices of goods and services increase. C) people begin to barter. D) interest rates increase.
Total profit can be calculated by
a. subtracting total variable cost from total revenue b. subtracting total revenue from total costs c. subtracting total costs from total revenue d. finding the product of the difference between average profit and average total cost and the quantity produced e. quantity produced times the difference between marginal cost and average total cost
Which economic system is usually associated with government ownership of the means of production and central planning?
A. Communism B. A market system C. Fascism D. Capitalism
Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced
A. a decrease in the marginal product of labor. B. increased productivity. C. increasing wage rates. D. a decrease in the marginal revenue product of labor.