Which of the following changes in the exchange rate represents an appreciation of the dollar?
a. 100 yen = $1 to 90 yen = $1 b. 1 yen = $.10 to 1 yen = $.08
c. 1 peso = $10 to 1 peso = $11 d. 200 francs = $10 to 190 francs = $10
b
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A reduction in government taxes causes:
a. The monetary base to either rise or fall, depending on the state of the economy. b. No change in the monetary base. c. The monetary base to fall. d. The monetary base to rise.
Which of the following statements is not correct?
a. The typical monopolistically competitive firm could reduce its average total cost if it produced more output. b. Monopolistically competitive firms advertise in order to increase the elasticity of the demand curve they face. c. Expensive advertising might help consumers if it is a signal that the product is good. d. Brand names acquired at great cost might help consumers by assuring quality.