If $.80 U.S. = $1.00 Canadian,
A. a U.S. nickel is worth four Canadian cents.
B. a U.S. quarter is worth 40 Canadian cents.
C. 40 Canadian cents are worth 50 U.S. cents.
D. $.04 U.S. is worth 5 Canadian cents.
D. $.04 U.S. is worth 5 Canadian cents.
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When Pepsi becomes more expensive relative to other beverages, people will purchase less Pepsi. This observation is known as the:
a. diamond-water paradox. b. law of diminishing marginal utility. c. substitution effect. d. income effect.
We can tell how much physical capital has been added to the economy by:
A. taking into account both new investment and depreciation of capital. B. adding up the value of all tools, equipment, and structures that have ever been built. C. counting the number of persons of working age. D. counting the number of persons of working age who are employed.