If a British student pays her way to attend Harvard University, her actions will:
a. create a supply of dollars and a demand for pounds in the foreign currency market.
b. create a supply of pounds and a demand for dollars in the foreign currency market.
c. cause the British pound to appreciate
d. cause the U.S. dollar to depreciate.
b
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Because a price setter has control over both the level of output it produces and the price it charges, it can select from a number of different combinations of output and price levels that will maximize its profits
Indicate whether the statement is true or false
Suppose that the demand for labor decreases due to an economic downturn, and union workers are in the first year of a 3-year labor contract
With respect to these union laborers, the economic downturn will most likely ________ the nominal wage and ________ the quantity of labor hired. A) decrease; not change B) decrease; decrease C) not change; decrease D) not change; not change
When employment discrimination results from the personal prejudices of employers, economic theory suggests that
a. competitive forces will tend to reduce discrimination. b. the wages of employees who are discriminated against will rise. c. an employer who discriminates will have the same costs as those who do not discriminate. d. discrimination by an employer will reduce production costs since the employer can pay lower wages.
GDP is measured in terms of market value because:
a. Actually, GDP is not measured as a market value. GNP measures market values. b. Otherwise, it would be impossible to combine all the heterogeneous goods and services consumed in a nation. c. Otherwise, it would be impossible to combine all the heterogeneous goods and services produced in a nation. d. Otherwise, it would be impossible to combine domestically produced goods and services with foreign goods and services consumed by the public. e. Otherwise, it would be impossible to separate the domestically produced goods and services from foreign goods and services consumed by the public.