If one U.S. dollar could be exchanged for one Canadian dollar in 1970, and one U.S. dollar can now be exchanged for 1.13 Canadian dollars, which of the following is true?
A) The U.S. dollar lost value against the Canadian dollar.
B) The Canadian dollar lost value against the U.S. dollar.
C) The Canadian dollar gained value against the U.S. dollar.
D) Both A and C are true.
B
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Identify the correct statement. a. If the price level increases, we feel poorer and buy less
b. If the price level increases, we feel richer and buy more. c. If domestic prices increase, we substitute domestic goods for imported ones. d. An increase in the price of a particular good leads to a substitution. e. A decrease in the price of a particular good is like an increase in income and therefore we buy more.
As domestic income rises, net exports will tend to
a. fall, since exports remain the same but imports increase. b. rise, since exports remain the same but imports fall. c. fall, since exports are lower and imports remain the same. d. rise, since exports are higher and imports remain the same. e. may either rise or fall, since exports and imports change in opposite directions.
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 100, the total cost is:
A. $2,800. B. $4,500. C. $6,300. D. $7,000.
The Keynesian short-run aggregate supply curve
A. is upward sloping. B. is horizontal. C. is vertical. D. is downward sloping.