The exchange rate is the:
a. value of money.
b. quantity of dollars, yen, etc. that are traded.
c. amount of a foreign currency that is brought back to the United States by tourists.
d. number of units of your currency that it takes to buy one unit of a foreign currency.
e. number of units of a foreign currency that can be bought with one unit of your own currency.
e
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The phase in the business cycle marked by a relatively high level of real GDP, full employment, and inflation is
a. recovery b. expansion c. stagflation d. prosperity e. economic growth
Crowding out occurs when
a. increased taxes force higher levels of national saving. b. deficit spending by the government forces private investment spending to contract. c. local businesses cannot get government contracts because of the higher bids of large corporations. d. foreign investors are willing to pay higher prices for U.S. bonds than American citizens will pay.
Refer to the accompanying figure. The opportunity cost of increasing medical care from 200 to 400 units is ________ the opportunity cost of increasing medical care from 400 to 600 units.
A. less than B. exactly the same as C. twice as much as D. greater than
Of the dozens of studies that study the effect on wages, most of the studies show that immigration decreases the wages of
A. native workers with low levels of education. B. native PhD holders. C. foreign PhD holders in the U.S. D. college students.