Technological advances in pollution reduction:
A. reduce the demand for pollution permits.
B. increase the demand for pollution permits.
C. reduce the supply of pollution permits.
D. increase the supply of pollution permits.
Answer: A
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If 100 Japanese yen buy more U.S. dollars today than yesterday, the dollar has ________ and the yen has ________
A) depreciated; appreciated B) appreciated; depreciated C) depreciated; depreciated D) appreciated; appreciated
When the U.S. price level increases, we would expect a:
A. movement downward along the aggregate demand curve. B. movement up along the aggregate demand curve. C. shift to the right of the aggregate demand curve. D. shift to the left of the aggregate demand curve.
Why is voluntary exchange an important source of economic prosperity?
a. It moves goods from people who value them less to people who value them more. b. It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. c. It makes it possible to produce a larger output as a result of gains from division of labor and specialization. d. All of the above are correct.
The shift of the budget line from cd to ab in the above figure is consistent with:
A) decreases in the prices of both M and N . B) an increase in the price of M and a decrease in the price of N . C) a decrease in money income. D) an increase in money income.