From 2000 to 2014, the dollar depreciated substantially against other currencies. This drop in value most likely benefitted
A) European citizens traveling in the U.S.
B) U.S. citizens traveling in Europe.
C) U.S. manufacturers importing parts from abroad.
D) U.S. citizens purchasing foreign-made automobiles.
A
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If Bank A holds $200 in reserves, deposits are $1000, and the desired reserve ratio is 15 percent, how much are excess reserves?
A) zero, because banks never hold excess reserves B) $200 C) $50 D) $150
Janelle spends all of her income on songs from iTunes ($1 each) and applications ($5 each) for her iTouch. At current prices, she makes her best affordable choice and purchases 20 songs and 4 applications
Suppose, for a limited time only, applications are buy-one, get-one-free and she purchases 30 songs and 4 applications. Which of the following statements is TRUE? A) For songs, the substitution effect just equals the income effect. B) For songs, the income effect is stronger than the income effect for applications. C) For applications, the substitution effect is stronger than the income effect. D) For applications, the income effect is stronger the income effect for songs.