Which of the following would likely be studied in a macroeconomics course?
A) the unemployment rate
B) total output in an economy
C) the inflation rate
D) all of the above
Answer: D
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Even though a perfect price discriminator can extract all of the consumer surplus, how can it be efficient?
What will be an ideal response?
According to the Law of One Price, if two countries produce an identical good, assuming transportation costs and trade barriers are not an issue ________
A) the value of the currency in both countries should rise B) the value of the currency in both countries should fall C) the price of the good should be the same in the two countries D) the value of the currency in one country will rise by the same amount that the value of the currency in the other country falls
When an exchange rate is determined strictly by the demands and supplies for a nation's currency, it is called
a. fixed b. arbitrage c. floating d. unilateral e. balance of payments
The substitution effect refers to a change in the actual income of a potential consumer
a. True b. False Indicate whether the statement is true or false