If the exchange rate between the yen and the dollar changes from 110 yen = $1 to 100 yen = $1, then:
a. the dollar has depreciated in value.
b. U.S.-made goods will become more expensive to Japanese citizens.
c. the dollar has appreciated in value.
d. Japanese-made goods will become less expensive to U.S. citizens.
e. there will be a decrease in the demand for dollars in the foreign exchange market.
a
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Which of the following statements is correct?
A) When a line slopes downwards moving to the right, the variable measured on the x-axis and the variable measured on the y-axis are directly related. B) When a line slopes upwards moving to the right, the variable measured on the x-axis and the variable measured on the y-axis are directly related. C) The higher the temperature, the more ice cream people consume. Thus the temperature and ice cream consumption are inversely related. D) If two variables are directly related, a graph of the two variables has a negative slope. E) None of the above statements is correct.
The slope of a production possibilities frontier
A) is always varying. B) measures the opportunity cost of producing one more unit of a good. C) has no economic relevance or meaning. D) is always constant.
Which statement about oligopoly is false?
A. Prices in oligopoly are predicted to fluctuate widely and frequently. B. One firm's behavior is a function of what its rivals do. C. Oligopolistic firms recognize their interdependence. D. A few firms play an important role in the sale of a product.
What is a "social cost" of production?
A) the cost of the natural resources used up in production B) the total costs of producing a product, both implicit and explicit costs C) the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product D) the cost of the environmental damage created by production