If on Tuesday you can buy 125 yen per U.S. dollar and on Wednesday you can buy 120 yen per U.S. dollar,
a. both the U.S. dollar and the yen have appreciated
b. both the U.S. dollar and the yen have depreciated
c. the U.S. dollar has appreciated and the yen has depreciated
d. the U.S. dollar has depreciated and the yen has appreciated
e. the yen has appreciated and the U.S. dollar has remained constant
D
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The U.S. economy remains subject to frequent boom and bust cycles. Throughout U.S. history, policymakers after the Great Depression often
(a) raise or lower taxes and spending to adjust aggregate demand and thereby smooth the business cycle. (b) take a hands-off approach to the business cycle. (c) consult with world organizations on how to address cyclic fluctuations. (d) close economies to international trade.
A situation in which a private cost diverges from a social cost is
A) internal costs. B) an externality. C) an internality. D) a transactions cost.