In a perfectly competitive market, the good or service cannot differ substantially among sellers
a. True
b. False
A
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Under a system of flexible exchange rates, transactions that increase the supply of the nation's currency to the foreign exchange market will cause the nation's
a. currency to depreciate in value. b. currency to appreciate in value. c. trade deficit to increase. d. products to become more expensive to foreigners.
An unhealthy person would likely choose a medical insurance policy with a
a. low premium and a high deductible. b. high premium and a high deductible. c. high premium and no deductible. d. The unhealthy person would choose not to be insured.
If two goods are complementary, it means that when the price of one good increases, the demand for the other rises.
Answer the following statement true (T) or false (F)
Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. The clothing and food pairs in Jane's choice set include ________ units of clothing and ________ units of food.
A. 8; 30 B. 50; 50 C. 20; 50 D. 15; 25