When the U.S. dollar depreciates against other currencies:
a. foreign goods become less expensive to U.S. buyers.
b. U.S. goods become more expensive to foreign buyers.
c. foreign currencies depreciate against the U.S. dollar.
d. the volume of U.S. imports decline.
e. the volume of U.S. exports decline.
d
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NAFTA refers to a 1994 agreement that eliminated most tariffs among which countries?
A) the United States, Mexico, and Cuba B) the United States, the United Kingdom, and Mexico C) Canada, the United Kingdom, and Mexico D) the United States, Canada, and Mexico
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. However, sellers can switch to selling lemons at lower costs
Which of the following statements is TRUE? A) Only lemons are sold for $1,600. B) Only lemons are sold for $800. C) All the sellers of good cars will switch to selling lemons. D) 40% buyers will get lemons.
The price elasticity ofdemand for insulin is:
A. likely to be perfectly inelastic over some range of prices. B. perfectly elastic. C. a large portion of someone's income. D. low relative to the supply.
A surplus of wheat
a. is impossible if people are hungry b. is impossible if the price of wheat is below equilibrium c. will result in an increase the price of wheat d. is unlikely to result in any change in the price of wheat e. indicates that the problem of scarcity of wheat has been solved