If the dollar used to buy 100 yen and now buys 360 yen, there has been
A. an increase in special drawing rights.
B. appreciation of the dollar.
C. depreciation of the dollar.
D. appreciation of the yen.
Answer: B
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Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max's current MRS = -0.8, then Max is at point
A) b. B) d. C) e. D) None of above.
If the price elasticity of demand for a good is 0.45, it is most likely that the good
a. has many close substitutes b. is a luxury good c. is high-priced d. is a complementary good e. has a demand curve that is price inelastic
The cross-price elasticity of demand for complements is
A. zero. B. negative. C. positive. D. cannot be specified without more information
All of the following are functions of the Federal Reserve System (the Fed) EXCEPT
A. check clearing. B. supplying currency. C. lender of last resort for consumers. D. regulation of the money supply.