In 2008, $1 Canadian cost 0.56 British pounds and in 2010, it cost 0.63 British pounds. Therefore, 1 British pound was worth _____ Canadian in 2008 and _____ Canadian in 2010
a. $1.79; $1.59
b. $1.72; $1.51
c. $1.87; $1.65
d. $1.97; $1.75
a
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Government outlays consist of
a. all governmental purchases resulting from contracts with the private sector and foreign organizations b. government purchases, transfer payments, and interest on the national debt c. any purchase by an organization that is not trying to earn a profit d. government purchases and transfer payments minus the interest on the national debt e. total receipts from all organizations doing business with any level of government
The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is
A. negatively sloped. B. positively sloped. C. perfectly inelastic. D. perfectly elastic.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The rate of return that households expect on their savings is determined by:
A) exchange rates. B) interest rates. C) government expenditure. D) tax rates.