Whenever the price of Good A increases, the demand for Good B increases as well. Good A and B appear to be:
a. complements.
b. substitutes
c. inferior goods.
d. normal goods.
b
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If the exchange rate changes from 1.5 euros per dollar to 1.0 euro per dollar, the euro has
A) depreciated against the dollar. B) appreciated against the dollar. C) fallen inversely in value. D) depreciated against the euro. E) appreciated against the euro.
Why is normal profit an opportunity cost?
What will be an ideal response?
Exhibit 6-13 Cost curves
?
In Exhibit 6-13, AFC is shown by the graph labeled:
A. I. B. II. C. III. D. V.
Alyssa lost her job six years ago because of a recession. She continues to seek new employment and many people have returned to that industry as the economy has recovered, but because of her extended bout of unemployment, her workplace skills have deteriorated and she is unable to secure a job or even get interviews. In her current situation, Alyssa is best described as:
A. not in the labor force. B. structurally unemployed. C. frictionally unemployed. D. cyclically unemployed.