Changes in currency values ______.
a. occurred daily or even hourly under the Bretton Woods system
b. are frequent and of large magnitude under the flexible-rate system
c. of 30 percent overnight are fairly common under the flexible-rate system
d. were infrequent but of large magnitude under the Bretton Woods system
d. were infrequent but of large magnitude under the Bretton Woods system
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Refer to the graph shown. To maximize profit, the monopolistically competitive firm represented in this graph will produce:
A. Q1 and set price equal to P4. B. Q1 and set price equal to P3. C. Q2 and set price equal to P2. D. Q1 and set price equal to P1.
All other things unchanged, a decrease in the value of the dollar against the euro _______ U.S. net exports and shifts the aggregate demand curve to the _______.
A. increases, right B. decreases, right C. increases, left D. decreases, left
If real income increases by 4 percent and the price level increases by 3 percent, nominal income must:
A. increase by 1 percent. B. decrease by 7 percent. C. decrease by 1 percent. D. increase by 7 percent.
A high price-earnings ratio for a stock indicates that either the stock is
a. undervalued or people are relatively optimistic about the corporation's prospects. b. overvalued or people are relatively optimistic about the corporation's prospects. c. overvalued or people are relatively pessimistic about the corporation's prospects. d. undervalued or people are relatively pessimistic about the corporation's prospects.