If the Federal Reserve buys $3 billion worth of Japanese yen and sells $5 billion of euros, how does this affect the balance of payments?
A) Falls by $2 billion
B) Rises by $2 billion
C) Rises by $3 billion
D) Falls by $5 billion
A
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Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An economist would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
Buying a newly issued bond implies:
a. borrowing money from a private bank. b. taking over the ownership of the issuing firm. c. lending money to the issuing firm. d. paying the price for a service rendered by the issuing firm. e. borrowing funds from international organizations.
If Joshua buys 10 percent more compact discs when his income increases by 5 percent, then, for Joshua
a. price elasticity of demand for compact discs is greater than one b. compact discs are inferior goods c. compact discs are price inelastic d. compact discs are income inelastic e. compact discs are income elastic
Prejudice and discrimination are indistinguishable
Indicate whether the statement is true or false