Refer to Budget Lines. Which of the following changes is consistent with the situation shown in the diagram?
a. The consumer's income fell.
b. The relative price of good X in terms of good Y fell.
c. The absolute price of good X rose, and the absolute price of good Y fell.
d. The absolute price of both goods rose, with the price of good X rising by the higher percentage.
c. The absolute price of good X rose, and the absolute price of good Y fell.
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The table above shows the exchange rates between various currencies and the U.S. dollar. Between 2015 and 2016, the Canadian dollar ________ against the U.S. dollar and the Japanese yen ________ against the U.S. dollar
A) depreciated, depreciated B) appreciated, appreciated C) appreciated, depreciated D) depreciated, appreciated
All of the following are reasons for an oligopoly to occur EXCEPT
A) economies to scale. B) barriers to entry. C) independence among firms. D) merger.
Suppose that Venezuela experiences significant capital outflows after a recent election. If the nation had fixed exchange rates, what effect would these flows have had on Venezuela's overall balance and reserves account?
a. Overall balance would rise and reserves account would fall. b. Overall balance would not change and reserves account would fall. c. Overall balance would fall and reserves account would rise. d. Overall balance would fall and reserves account would fall. e. Overall balance would fall and reserves account would rise.
Suppose Smith wants one iPhone no matter what the price is between $0 and $350, Jones wants one iPhone no matter what the price is between $0 and $200, and Griffith wants one iPhone no matter what the price is between $0 and $450. In this case, each individual buyer's demand curve will be __________________ and the market demand curve will be __________________
A) downward sloping; vertical B) vertical; downward sloping C) vertical; vertical D) downward sloping; downward sloping