If 1 U.S. dollar exchanges for 0.65 euro, how much would it cost in U.S. dollars and cents to purchase a bottle of Italian wine priced at 40 euro?
What will be an ideal response?
40 รท 0.65 = $61.54
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A nation that currently has a surplus in its current account is called a
A) creditor nation. B) debtor nation. C) net borrower. D) net lender. E) capital account surplus nation.
In the figure above
A) moving from point a to point b would require new technology. B) production at point b is efficient whereas production at point a is not efficient. C) some resources must be unemployed at point c. D) opportunity costs are decreasing.
What are the requirements for perfect competition?
What will be an ideal response?
Fiat money has value because it
a. is backed by gold. b. can be used to buy goods and services. c. can be exchanged for precious metals at a fixed price. d. can be divided into smaller units. e. All of the above are correct.