Exhibit 21-7 Foreign exchange market for U.S. dollars and British pounds
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Exhibit 21-7 shows a situation in which:
A. both the dollar and the pound have depreciated.
B. both the dollar and the pound have appreciated.
C. the dollar has depreciated and the pound has appreciated.
D. the dollar has appreciated and the pound has depreciated.
Answer: C
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If the aggregate supply curve is steep,
A. increased aggregate demand will not lead to higher prices. B. greater demand for labor will not cause significant wage increases. C. business firms are probably producing near capacity. D. All of these responses are correct.
Use the following graph of the market for milk to answer the question below.
The marginal cost for the 27th million gallon of milk is
A. $1.00. B. $2.00. C. $1.50. D. dependent on the marginal benefit.
Which of the following statements is true? a. With an increase in the demand for health care, the quantity supplied increases but supply does not change. b. With an increase in the demand for health care, the supply curve shifts to the right
c. With an increase in the demand for health care, the supply curve shifts to the left. d. With an increase in the demand for health care, the price of the product decreases. e. With an increase in the demand for health care, the quantity supplied decreases but the supply does not change.
Figure 17.1 depicts a firm's marginal revenue product curve. The marginal revenue product curve is negatively sloped because ________ decreases as the firm uses more labor.
A. the hourly wage B. the marginal product of labor C. the product price D. None of these