When the market value of the dollar rises relative to other currencies around the world, we say that
A) the dollar has appreciated.
B) the dollar has depreciated.
C) the demand for dollars has increased.
D) the supply of dollars has increased.
Answer: A
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The availability of vast stocks of natural resources is an example of a(n):
A) implicit cause of prosperity. B) explicit cause of prosperity. C) fundamental cause of prosperity. D) proximate cause of prosperity.
When the money supply declines by 10%, in the long run, output ________ and the price level ________
A) is unchanged; is unchanged B) declines; falls C) is unchanged; falls D) declines; is unchanged
Which of the following is true?
A) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations. B) David Ricardo proposed the theory of absolute advantage as the basis for trade. C) Absolute advantage is based on comparing the opportunity costs of trading partners. D) The Ricardian model assumes labor is perfectly mobile.
All but which one of the following could shift the supply curve for bicycles?
A. An increase in the price of aluminum used in the bicycles. B. An increase in the price of bicycles. C. An increase in the number of bicycle manufacturers. D. A new, cheaper way of producing bicycles.