Refer to the above figure. Suppose E is the original equilibrium. An increase in the demand for dollars will be reflected in this figure by
A) an increase in the demand for yen as both imports and exports increase.
B) a decrease in the demand for yen as the U.S. balance of payments improves.
C) an increase in the supply of yen as Japan tries to buy more U.S. goods.
D) a decrease in the supply of yen as Japan is able to pay less for U.S. goods.
C
Economics
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Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit costs of her bakery business.
a. rent she pays for the commercial space b. teaching salary she gave up to start her bakery c. monthly payments she makes for bakery equipment d. wages she pays her counter assistant
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Indirect utility functions are homogeneous of degree 1 in income.
Answer the following statement true (T) or false (F)
Economics