Suppose the U.S. dollar price of the Japanese yen decreases. Given this information, which of the following is correct?
A) The dollar has appreciated.
B) The dollar has depreciated.
C) The yen has appreciated.
D) The yen price of the dollar decreased.
Answer: A
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Dean should play golf instead of preparing for tomorrow's exam in economics if:
A. Dean can play golf for free. B. the benefit of golfing is greater than the benefit of studying. C. he is irrational. D. the economic surplus from playing golf is greater than the economic surplus from studying.
There is a concern that carbon emissions that are a byproduct of the burning of coal and other fuels contributes to global warming. One proposed solution is to tax the use of these fuels based on their carbon content. The following table gives information on the demand and supply of coal: Price ($/ton)400 350 300 250 200 Quantity demanded 10 12 14 16 18 Quantity supplied 18 16 14 12 10 What will be the free-market price and quantity, and what will be the price and quantity if the government requires suppliers to pay a $100 tax for each ton of coal produced?
What will be an ideal response?
If you feel you are better off because you receive a 5 percent raise even when the price level also increases by 5 percent, then you are a victim of the
A. money illusion. B. money income effect. C. purchasing power effect. D. real income effect.
The reason that the supply curve is upward sloping is
A. diminishing marginal costs. B. increasing average costs. C. diminishing average costs. D. increasing marginal costs.