If speculators bid up the value of the U.S. dollar in the market for foreign exchange, then
a. U.S. goods become more expensive relative to foreign goods so aggregate demand shifts right.
b. U.S. goods become less expensive relative to foreign goods so aggregate demand shifts right.
c. U.S. goods become more expensive relative to foreign goods so aggregate demand shifts left.
d. U.S. goods become less expensive relative to foreign goods so aggregate demand shifts left.
c
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The 3 key economic questions include all of the following EXCEPT
A) "how do we produce these products?" B) "where should these products be produced?" C) "who consumes the products?" D) "what products do we produce?"
The ability to lower the average costs over total production as more products are introduced
a. Economies of scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
Economic rent is the portion of a resource's total earnings above its opportunity cost
Indicate whether the statement is true or false
A market shortage occurs when:
A.) The quantity demanded is less than the quantity supplied at a given price. B.) The market price is below equilibrium. C.) Sellers produce a lot of the product and consumers like it a lot. D.) A new product is introduced at the equilibrium price.