Suppose the official gold value of the Brazilian real changes from 457 reals per ounce to 528 reals per ounce. We can then say that:
a. the Brazilian real has been devalued.
b. the Brazilian economy is expected to experience rapid inflation.
c. gold has been devalued.
d. the Brazilian real has appreciated in value.
e. gold is now cheaper to purchase in Brazil than it was before.
a
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A good with a unit elastic demand has a:
A. perfectly horizontal demand curve. B. perfectly vertical demand curve. C. price elasticity greater than 1. D. price elasticity equal to 1.
Scarcity:
a. allows businesses to take advantage of economies of scale. b. means that human wants for goods, services and resources exceed what is available. c. means that as the level of production increases, the average cost of producing each individual unit declines. d. only refers to resources, such as labor, tools, land, and raw materials.
Answer the following statement(s) true (T) or false (F)
1. Economics is the study of the choices we make among our many wants and desires given our limited resources. 2. The main economic problem is that surplus causes us to choose from so many competing options that it is difficult to make the correct choice. 3. Every society, whether it is capitalistic, socialistic, and totalitarian, faces economic problems. 4. Economists assume that most individuals act as if they are motivated by an interest in making money.
Phillips's research looked at British data on
A. inflation and nominal wage growth. B. unemployment and nominal wage growth. C. unemployment and output. D. unemployment and inflation.