If the exchange rate of the English pound goes from $1.80 to $1.60, the pound has
a. appreciated, and the English will find U.S. goods cheaper.
b. appreciated, and the English will find U.S. goods more expensive.
c. depreciated, and the English will find U.S. goods more expensive.
d. depreciated, and the English will find U.S. goods cheaper.
C
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Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the seller's surplus from this transaction was:
A. $20 B. $215 C. $195 D. $10
Since the 1940s, the demand for labor has expanded equally for both skilled and unskilled workers
Indicate whether the statement is true or false
It pays the firm to produce only if total variable costs exceed total revenue.
Answer the following statement true (T) or false (F)
In a perfectly competitive industry, assume there is a permanent increase in demand for a product. The process of transition to a new long-run equilibrium will include:
a. the exit of firms. b. temporarily lower production costs. c. both a and b. d. neither a nor b.