The price of a first-class stamp in 1957 was 3 cents, and it is 49 cents in 2014. From this we know that
A) both the relative and the absolute price of first-class stamps increased from 1957 to 2014.
B) the money price of first-class stamps increased from 1957 to 2014 but the absolute price of first-class stamps stayed constant.
C) the money price of first-class stamps increased from 1957 to 2014 and the relative price of first-class stamps decreased.
D) the money price of first-class stamps increased from 1957 to 2014, but we can't tell if the relative price of first-class stamps increased or decreased without more information.
D
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In the foreign exchange market, a decrease in the exchange rate increases the quantity of dollars supplied
Indicate whether the statement is true or false
According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then all of the following are likely to happen except
A) the country's total production will fall. B) future economic growth is enhanced. C) the production possibilities frontier will be shift outward in the future. D) fewer goods will be produced for consumption today.