A flexible exchange rate is also referred to as a(n):
A) open market exchange rate. B) liquid exchange rate.
C) nominal exchange rate. D) floating exchange rate.
D
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The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product. B) more difficult it is to employ substitute inputs in production. C) smaller is the proportion of wage costs in the total cost of production. D) shorter is the time period under examination.
In the early 1990s, before pay at the pump was an option, a gas station decides to force people to pre-pay due to drive-offs. The opportunity cost of this decision may include:
A. the value of the gas that is no longer stolen by people who drove off. B. not having to look outside for people waving at you to turn on the pump. C. lost revenue when people under estimate what they think their gas tanks will hold in order to avoid going back into the store to get change from overpayment. D. a loss of snack sales because people decide to come into the store to pay for gas before pumping versus after pumping their gas.
Private saving is negative when:
A. there is a government budget deficit. B. after-tax income of households and businesses is greater than consumption expenditures. C. after-tax income of households and businesses is less than consumption. D. there is a government budget surplus.
An indifference curve cannot be positively sloped because
A) the law of diminishing marginal utility would be violated. B) the substitution effect would be violated. C) a point to the right of another point will represent a lower quantity of both goods and a reduction in utility. D) a point to the right of another point will represent a higher quantity of both goods and an increase in utility.