What situation gives rise to a surplus?
A. The current price of the good is above its market clearing price.
B. The current price of the good is below its market clearing price.
C. Supply of the good decreases, but the market price is not permitted to change.
D. The market clearing price of the good is too high.
Answer: A
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Refer to the table below. Which of the following statements is correct?
The following table shows the foreign currency per U.S. dollar near the end of January of each year listed.
A. From 2002-2003, the Australian dollar depreciated in value relative to the U.S. dollar
B. From 2003-2004, the Australian dollar appreciated in value relative to the U.S. dollar
C. From 2001-2002, the Japanese yen appreciated in value relative to the U.S. dollar
D. From 2003-2004, the Japanese yen depreciated in value relative to the U.S. dollar