Appreciation is the term used to describe
A. the conversion of one currency into another currency in the free market.
B. a reduction in the official value of a currency.
C. the upward movement of currencies in a free market.
D. an increase in the official value of a currency.
Answer: C
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Refer to Figure 19-5. Suppose the Chinese government decides to abandon pegging the yuan to the dollar at a rate which undervalues the yuan
Using the figure above, the equilibrium exchange rate would be ________ and Chinese exports to the United States would ________ in price. A) $0.11/yuan; increase B) $0.11/yuan; decrease C) $0.14/yuan; increase D) $0.13/yuan; increase E) $0.13/yuan; decrease
The statement, “Supply creates its own demand,” is also known as
a. Keynes’ law. b. neoclassical economics. c. Say’s law. d. Adam Smith’s law.
The opportunity cost of capital is
A. a part of economic profits. B. the normal rate of return. C. an explicit cost. D. usually unknown and must be estimated by looking at the price of capital goods.
If the length of time from the market-day supply to the long-run supply is ordered from the shortest to the longest time span for the number of new Subway sandwich franchises, board-feet of walnut lumber, teenage workers at amusement parks in the summer, and pounds of tomatoes at a summertime farmers' market we would have
a. pounds of tomatoes, teenage workers, Subway franchises, walnut lumber b. teenage workers, Subway franchises, walnut lumber, pounds of tomatoes c. Subway franchises. walnut lumber pounds of tomatoes d. teenage workers, pounds of tomatoes, Subway franchises, walnut lumber e. pounds of tomatoes, teenage workers, Subway franchises, walnut lumber