If speculators bid up the value of the dollar in the market for foreign-currency exchange, U.S. aggregate demand would shift to the left
a. True
b. False
Indicate whether the statement is true or false
True
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When Little Furniture Company produces 100 chairs - its average variable cost is $25 . The marginal cost of the 101st chair is $22 . If the firm chooses to produce the 101st chair, what will happen to average variable cost? Explain
What will be an ideal response?
A soda factory employs seven workers and produces 500 bottles of soda a day. The company reduces the workforce to six workers and output is now 450 bottles a day. The seventh worker:
A. had a marginal product of 50 bottles of soda. B. caused average product to fall. C. had a lower marginal product than the sixth worker. D. All of these are true.
One of the conditions that must exist for the median-voter theorem to hold is:
A. there is a simple in-favor/not-in-favor position held by each candidate. B. candidates win by majority vote. C. there must be a run-off election in the event of a tie vote between two or more candidates. D. voters may vote for a policy even if it not close to their own beliefs.
We don't typically see wages __________ in response to an economic downturn because ____________.
A. rise; they are "sticky," and are slow to respond to shifts in the economy B. rise; they cannot rise above the equilibrium in any circumstance C. fall; they are "sticky" and are slow to respond to shifts in the economy D. fall; they cannot fall below where they were previously set due to inflation