In late 2008, the value of the U.S. dollar expressed in British Pounds
A. decreased precipitously.
B. remained essentially constant.
C. was zero because it was almost impossible to sell dollars.
D. increased sharply.
Answer: D
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Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.35 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what is Always There Wireless's profit from sales for each low-demand consumer?
A. $27.63 B. $37.63 C. $21.13 D. $28.13
Suppose the output gap is zero, and policy makers wish to reduce the inflation rate from 10 percent to 5 percent. Which of these policies seems best?
A) contractionary policies to reduce output at least 5 percent below potential output B) a convincing declaration of the inflation rate target, so that expected inflation falls to 5 percent C) no policy action; inflation will fall on its own, eventually D) no policy action; inflation will converge to its long-run rate, regardless of policy E) price and wage controls to counteract their stickiness
Suppose Betty spends her monthly allowance on buying computer games, watching movies, and parasailing. If an increase in her monthly allowance increases her expenditure on parasailing activities we can say that:
a. parasailing is an inferior good. b. computer games are inferior goods. c. parasailing is a normal good. d. computer games are normal goods.
Answer the following statements true (T) or false (F)
1. A consumption tax exempts saving from taxation. 2. A national sales tax would be considered regressive in relation to income. 3. In the past few decades, the tax system of the United States has been used to redistribute income. 4. If the primary purpose of taxes was to raise sufficient revenue to cover the costs of government-provided services, a balanced budget would be an ongoing target. 5. Using the budget as an economic stabilizer requires maintaining a continuous deficit.