At which of the following exchange rates would the quantity of British pounds demanded be the highest?
a. $5.00 per pound.
b. $2.50 per pound
c. $3.00 per pound.
d. $1.50 per pound.
e. $2.00 per pound.
D
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The use of money as a medium of exchange requires a double coincidence of want
a. True b. False Indicate whether the statement is true or false
In which of the following markets are we most likely to find a monopoly?
a. Automobile production. b. Air travel. c. First-class mail delivery. d. Clothing production.
If the demand for workers with doctorate degrees in economics increases, we would expect
a. the wages of economists to increase in the short run and the number of economists employed to increase in the long run. b. the supply of economists to increase in the short run and their wages to rise in the long run. c. a rapid increase in the supply of economists, causing wages to remain constant. d. the wages of economists to decrease in the short run and the number of economists employed to increase in the long run.
Structural unemployment is often thought to explain relatively short spells of unemployment
a. True b. False Indicate whether the statement is true or false