Which of the following will lead to a change in the opportunity cost of buying a pen and a pencil?
A) An increase in the consumer's income
B) A decrease in the consumer's income
C) A twofold increase in the prices of both pens and pencils
D) A twofold increase in the price of pens and a threefold increase in the price of pencils
D
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According to the classification in the text, which of the following is not an industrially advanced country (IAC)?
a. United Arab Emirates. b. Israel. c. Greece. d. All of the above are IACs. e. None of the above are IACs.
When the value of U.S. merchandise exports is less than the value of U.S. merchandise imports,
a. the exchange rate, other currencies per dollar, appreciates b. the value of the dollar must fall c. there will be an increase in the demand for dollars d. an unfavorable balance of trade results e. foreign currency reserves must fall