If the U.S. dollar depreciates in the foreign exchange market, American exports will be __________ and American imports will be __________
a. more expensive; more expensive
b. cheaper; cheaper
c. less expensive; less expensive
d. less expensive; more expensive
e. there will be no change
D
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Which of the following is necessary for a market to be deemed "perfectly competitive"?
A) All firms are price searchers. B) All participants enjoy full and complete information. C) Sellers produce of different quality, durability, and desirability. D) All of the above are necessary. E) None of the above are necessary.
Prices of smartphones (assume that this is a normal good) have fallen in recent years. Over this same period, the price of the components used to produce smartphones has also fallen and consumer incomes have risen
Which of the following best explains the falling prices of smartphones? A) The supply curve for smartphones has shifted to the right while the demand curve for smartphones has shifted to the left. B) The supply curve for smartphones has shifted to the right more than the demand curve has shifted to the right. C) The demand curve and the supply curve for smartphones have both shifted to the left. D) The demand curve for smartphones has shifted to the right more than the supply curve has shifted to the right.