If the dollars per pound exchange rate falls, there is a(n)
a. rightward movement along a single supply of pounds curve
b. leftward movement along a single supply of pounds curve
c. leftward shift of the supply of pounds curve
d. rightward shift of the U.S. supply of pounds curve
e. tendency for the U.S. supply of pounds curve to become steeper
B
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Voluntary exchanges generate:
A. surplus, leaving both participants better off than they were before. B. deadweight loss, leaving both participants worse off than they were before. C. deadweight loss, leaving at least one participant worse off than they were before. D. a transfer of surplus from one participant to another.
What are the three ways economies are organized?
a. communism, socialism, free b. market, capitalism, mixed c. traditional, command, market d. traditional, market, mixed
Jerome, the florist, sold 500 bridesmaid's bouquets in June. He estimates his costs that month were ATC = $10, AVC = $6, and MC = $9. If he sold each bouquet at the constant market price of $9, Jerome:
A. made an economic profit of $500. B. made a loss of $500. C. should have shut down in June. D. made a loss of $1,500.
The brain gets most of its energy from dopamine.
Answer the following statement true (T) or false (F)