If there is currently a surplus of dollars, which of the following would you expect to see in the foreign exchange market?
A) There will be a decrease in the supply of dollars.
B) The dollar will depreciate.
C) The dollar will appreciate.
D) There will be a decrease in the demand for dollars.
B
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The level of output when there is full employment is called actual GDP
Indicate whether the statement is true or false
Prices play a smaller role in _____, in contrast to other modes of governance like _____ and _____
a. hierarchies; markets; contracts b. contracts; hierarchies; markets c. markets; hierarchies; contracts d. etiquette; markets; contracts
If a nation has a comparative disadvantage in the production of some commodity, a. it can gain from international trade in that commodity only if it has an absolute advantage in that commodity. b. it can still gain from international trade in that commodity, by getting it at a lower opportunity cost than if they produced it domestically. c. it cannot gain from international trade in the
commodity. d. it cannot gain from international trade unless it has an absolute advantage in every other commodity.
Recall the Application about the decrease in taxes on cigarettes in several Canadian provinces in 1994 to answer the following question(s). According to this Application, after the government deceased cigarette taxes in several Canadian provinces, demand for cigarettes ________ in these provinces, shifting the demand curve to the ________.
A. increased; right B. increased; left C. decreased; right D. decreased; left