The foreign exchange market is where currencies are traded for one another.
Answer the following statement true (T) or false (F)
True
The foreign exchange market is a global market where individuals, businesses, and governments can exchange one currency for another.
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An example of overt collusion is
A. a cartel. B. price leadership. C. tacit collusion. D. a perfectly contestable market.
Market equilibrium occurs when
A) other things remain the same. B) the market is changing rapidly. C) the quantity demanded equals the quantity supplied. D) buyers get the lowest possible price. E) everyone who wants the good gets the quantity he or she wants.
Both the classical and monetarist models assume all of the following except
a. perfectly flexible prices. b. perfectly flexible wages. c. perfect information. d. vertical aggregate supply curve in the long-run.
A firm owner wants a manager to make difficult personnel decisions when necessary (which requires firing a worker every now and then) in order to maximize the firm's profits. The manager, however, prefers to not fire anyone. The worker also prefers not to be fired. In this example, who is the principal and who is the agent?
A. The firm owner is the principal. The manager is the agent. B. The firm owner is the principal. The should-be-fired worker is the agent. C. The manager is the principal. The firm owner is the agent. D. The should-be-fired worker is the principal. The firm owner is the agent. E. The should-be-fired worker is the principal. The manager is the agent.