As the exchange rate ________, the ________ is the value of U.S. ________
A) falls; greater; imports
B) falls; greater; exports
C) rises; greater; exports
D) rises; smaller; imports
B
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In the long run, there is a tradeoff between inflation and unemployment
a. True b. False
Four friends decide to meet at a Chinese restaurant for dinner. They decide that each person will order an item off the menu, and they will share all dishes. They will split the cost of the final bill evenly among each of the people at the table. A Tragedy of the Commons problem is likely for each of the following reasons except
a. each person has an incentive to eat as fast as possible since their individual rate of consumption will not affect their individual cost. b. there is an externality associated with eating the food on the table. c. when one person eats, he may not take into account how his choice affects his friends. d. each dish would be both excludable and rival in consumption.
Libor is best defined as the ________.
A) interest rate of the National Bank of London B) short-term interest rate for dollars held in the Eurodollar market C) interest rate of the European Union D) deposit rate that applies to commercial loans in the European Union
You own Star Wars - The Last Jedi on DVD. The opportunity cost of watching this DVD for the fourth time
A. is zero, since you own it. B. is one-fourth the cost of the DVD, as this is the fourth time you have watched it. C. must be the same as the opportunity cost of watching it the first time. D. is the value of the alternative use of the time you spend watching the DVD.