If the price of a British pound increases, more Britons will be willing to supply pounds to the foreign exchange market
a. True
b. False
A
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Refer to the figure above. The labor market is currently at point E. Which of the following is likely to happen if a recession hits the economy assuming that wages are flexible?
A) The labor market equilibrium will move from E to H. B) The labor market equilibrium will move from E to D. C) The labor market equilibrium will move from E to F. D) The labor market equilibrium will move from E to G.
A horizontal demand curve is perfectly elastic because a change in price will not induce a change in quantity demanded.
Answer the following statement true (T) or false (F)
Welfare economics is the study of how
a. the allocation of resources affects economic well-being. b. a price ceiling compares to a price floor. c. the government helps poor people. d. a consumer's optimal choice affects her demand curve.
When a monopolist maximizes profit, its marginal cost will
a. be less than its average fixed cost. b. be less than the price per unit of its product. c. exceed its marginal revenue. d. equal its average total cost.