Assume that the nominal exchange rate decreases by 4%. If prices (both domestic and foreign do not change), we know that
A) foreign goods are now relatively cheaper.
B) foreign goods are now relatively more expensive.
C) domestic goods are now relatively more expensive.
D) both A and C
B
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Private property rights mean that:
A) individuals cannot be excluded from the consumption of goods and services regardless of whether they pay for them. B) individuals have a right to elect their representatives in the government. C) individuals can own businesses and assets, and their ownership is secure. D) the government does not own any resource used in production in an economy.
According to your authors, which action below clearly restricts competition?
A) A large firm raises its price. B) A large firm lowers its price. C) Government deregulates an industry. D) Antitrust legislation restricting other suppliers from entering into a market.
When workers are paid a wage that is less than their contribution to a monopsonist's revenues
A) this is sometimes referred to monopsonistic exploitation. B) this is sometimes referred to as an incentive. C) they seek part time employment. D) they file a grievance with their union representative.
Refer to the above table. What does total product equal when 3 units of labor are used?
A. 1008 B. 338 C. 336 D. 3