Which is not one of the criteria necessary for a commodity to make a suitable medium of exchange?
A) It should be of standardized quality. B) It should be valuable relative to its weight.
C) It should be durable. D) It should have intrinsic value.
D
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Everything else held constant, if a central bank makes an unsterilized ________ of foreign assets, then the domestic money supply will decrease and the domestic currency will ________
A) purchase; appreciate B) purchase; depreciate C) sale; appreciate D) sale; depreciate
Another term for the equilibrium price is
A) excess demand. B) nominal price. C) law of demand. D) market clearing price.
Knowledge workers are becoming more common relative to production workers
Indicate whether the statement is true or false
Suppose the domestic price (without international trade) of copper is $1.20 per pound in the United States while the world price is $1.00 per pound. Assuming the small-country model is applicable and no transportation costs, the United States will
A. have a domestic surplus of copper. B. export copper. C. neither export nor import copper. D. import copper.