An increase in the equilibrium price of Japanese yen per dollar could be caused by a(n):
A. increase in the general level of prices in Japan.
B. increase in the U.S. demand for domestically-built automobiles.
C. decrease in the U.S. income relative to the income in Japan.
D. increase in the supply of dollars on the foreign market.
Answer: D
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Given the availability of California oranges, demand for Florida oranges will
a. be less elastic than if there were no California oranges b. be more elastic than if there were no California oranges c. have the same elasticity as it would if there were no California oranges d. be perfectly elastic e. be perfectly inelastic
The gross domestic product (GDP) is the market value of all goods and services produced by the economy in one year.
Answer the following statement true (T) or false (F)
In a two-sided market, the platform may offer different prices to different group of end users due to
A) the budget constraints of end users. B) substitution effects between the end users and the platform. C) different network effects between groups of end users. D) a lack of product differentiation in the products sold.
Under present U.S. federal law, which one of the following is a government-inhibited good?
A) housing B) medical care C) marijuana D) education