If 1 was equivalent to 120 Japanese yen in 2008 and 125 Japanese yen in 2010, it implies in 2010, there was:
a. a depreciation of the dollar against the yen.
b. a depreciation of the yen against the dollar.
c. an appreciation of the yen against the dollar.
d. no change in the value of yen, but the dollar had weakened.
e. no change in the value of dollar, but the yen had strengthened.
Question 2
If an import tariff is reduced, the domestic quantity demanded is ____ and the quantity supplied domestically is ____, ____ the quantity of goods imported.
a. greater; lower; reducing.
b. lower; greater, reducing.
c. greater; lower; increasing.
d. lower; greater; increasing.
A nineteenth-century Japanese portrait of Commodore Matthew Perry, who “opened up” Japan in 1854.
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