If one U.S. dollar could be exchanged for one Australian dollar in 1970, and one U.S. dollar can now be exchanged for 0.98 Australian dollars, which of the following is true?
A) The U.S. dollar gained value against the Australian dollar.
B) The Australian dollar lost value against the U.S. dollar.
C) The Australian dollar gained value against the U.S. dollar.
D) Both A and C are true.
C
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A transfer payment is a sum of money
a. spent by government for new goods and services. b. shifted between members of a household. c. given by government without a good or service in exchange. d. moved between companies for goods and services. e. required to pay taxes.
The single largest expenditure by state and local governments is on
a. highways. b. police. c. public welfare. d. education.
Monetary policy to stabilize the nation is less desirable whenever:
A) the nation is a net external debtor with liabilities denominated in foreign currency. B) the nation is a net external creditor with assets denominated in foreign currency. C) the central bank of the nation must also finance government deficits. D) the government is unable to raise taxes sufficiently to lower its deficit.
Why might the government impose regulations on monopolistically competitive firms?
a. to make them less like monopolies b. to make them more like perfectly competitive firms c. to make them less like perfectly competitive firms d. to make more like non-profit organizations