Which of the following is not a reason why residents of other countries desire to acquire dollars?
a. foreigners need dollars to purchase U.S. goods and services
b. dollars can be used as a safe way of storing value when the foreigner's own currency is unstable
c. dollars are accepted as an international medium of exchange
d. dollars can be used for cash gifts from foreigners to U.S. friends and relatives
e. dollars are the only currency accepted in international transactions
E
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When would it be plausible to describe the demand for a product by drawing a straight line, Q = a - bP?
A. Only if no important factors other than price affect demand B. In the vast majority of scenarios C. Practically never D. If we believe that factors other than price alone determine demand
The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?
A) 58 books sold B) 14.5 books sold C) 18 books sold D) 13.3 books sold