If the exchange rate is 80 yen per dollar, then a hotel room in Tokyo that costs 25,000 yen costs $200
a. True
b. False
Indicate whether the statement is true or false
False
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When demand is elastic, a fall in price causes total revenue to rise because
A) the percentage increase in quantity demanded is less than the percentage fall in price. B) the demand curve shifts. C) when price falls, quantity sold increases so total revenue automatically rises. D) the increase in quantity sold is large enough to offset the lower price.
Which of the following is a reason for the failure of development plans?
(a) unreliable data. (b) unanticipated economic disturbances. (c) lack of political will. (d) all of the above. (e) none of the above.
The currency created by the European Monetary Union, for which notes and coins became available in 2002, is the
A) ECU. B) euro. C) EMU. D) pound.
As the aggregate price level in an economy rises, ______.
a. interest rates increase b. consumer demand increases c. exports decrease d. investment increases