Exchange rates are particularly important because:
A. they present a challenge to financial speculators.
B. they link the price levels of various nations to one another.
C. they represent exceptions to the laws of demand and supply.
D. equilibrium is never achieved in such markets.
B. they link the price levels of various nations to one another.
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The U.S. economy has become a less closed economy over the past 50 years.
Answer the following statement true (T) or false (F)
According to the figure above, the opportunity cost of producing another computer is
A) higher at A. B) higher at B. C) the same at every point along the frontier. D) different at most points along the frontier but equal at points A and B because they are equally distant from the axes.
Answer the following statements true (T) or false (F)
1. Higher price levels are associated with lower aggregate expenditure at every level of income. 2. The classical economists held that chronic unemployment was likely. 3. According to the classical economists, demand creates its own supply. 4. Keynes suggested that Say’s Law did not apply to a monetary economy because many individuals hold money as saving instead of spending it. 5. Keynes stated that equilibrium could exist at any level of employment or unemployment.
To function as a monopoly, OPEC and other cartels rely on __________ among members
Fill in the blank(s) with correct word