An increase in the value of a domestic currency in terms of other currencies is known as
A) an appreciation.
B) a depreciation.
C) a flexible exchange rate.
D) a discount rate.
Answer: A
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The Hound Dog Bus Company contemplates expanding its Virginia operations by offering service from Fairfax to Arlington. The total cost of the trip would be $120, of which $50 is fixed cost, which it has already paid. The firm expects to earn $60 in revenue from the trip. The Hound Dog Bus Company should
a. offer this service because it will earn a positive economic profit b. not offer this service because the marginal revenue is less than the marginal cost c. offer this service because the revenue exceeds fixed cost d. not offer this service because the total cost exceeds the total revenue e. offer this service because the added revenue exceeds the added cost of this service
The slope of the short-run aggregate supply curve depends on how sharply: a. the marginal cost of production rises as real GDP expands. b. the average cost of production rises as real GDP expands. c. real GDP increases as the price level rises
d. nominal GDP increases as the price level rises. e. product prices change as the price level rises.
Neoclassical economists see no social ______________ to inflation and suggest that the government should take actions to control it.
a. drawback b. criticism c. benefit d. support
Explain why on average the profit levels for invention and entrepreneurship are generally so low