The price of one currency in terms of another is called
A. a currency band.
B. the exchange rate.
C. the terms of trade.
D. purchasing power parity.
Answer: B
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Which of the events listed above could cause a movement from Y to W?
Consider the following events
a. an increase in the unemployment rate
b. a decrease in a nation's money supply
c. a war that kills a significant portion of a nation's population
A. a and c only
B. a and b only
C. c only
D. a only
E, a, b and c
Real GDP is more accurate than nominal GDP in making comparisons of output over time because
A. Real GDP is not affected by changes in productivity or the size of the labor force. B. Nominal GDP is the hypothetical output that would be produced at full employment. C. Nominal GDP may change simply because of price changes over time. D. Real GDP is not affected by output changes.
If the profit-maximizing markup factor in a six-firm Cournot oligopoly is 3, what is the corresponding market elasticity of demand?
A. ?1.25 B. 0.08 C. ?0.25 D. None of the answers are correct.
Economies of scale can be caused by all of the following except
a. price discounts for large scale purchases b. labor specialization c. use of more productive equipment d. increases in the firm's average total cost e. more cost-efficient methods of marketing