What is the "good news" and the "bad news" about a lower value of the U.S. dollar?
What will be an ideal response?
The "good news" about a lower value of the dollar is that U.S. goods become less expensive to residents of other countries and so they buy more of them and U.S. exports increase. The "bad news" is that a lower value of the dollar will make it more expensive for U.S. residents to buy foreign goods.
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If the demand for a product is elastic, then a rise in price will:
a. cause total spending on the good to increase. b. cause total spending on the good to decrease. c. keep total spending the same, but reduce the quantity demanded. d. keep total spending the same, but increase the quantity demanded.
If Farmer Sam MacDonald can produce 200 pounds of cabbages and 0 pounds of potatoes or 0 pounds of cabbages and 100 pounds of potatoes and faces a linear production possibilities curve for his farm, the opportunity cost of producing an additional pound of potatoes is _____ _ pound(s) of cabbage.
A) 1/2 B) 2 C) 100 D) 200
Government means tested programs ________ the overall poverty rate.
A. substantially decrease B. have not changed C. lead to an increase in D. drop to zero
How does top-down management of an economy affect it?
What will be an ideal response?