In a fixed exchange rate system, a decrease in the exchange rate at which a currency is pegged is called a(n):
A. appreciation.
B. devaluation.
C. revaluation.
D. depreciation.
Answer: B
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An auction for mineral rights on an unexploited oilfield can be characterized as
a. A common value auction b. A private value auction c. Highest value d. None of the above
Monopolies use their market power to
a. charge prices that equal minimum average total cost. b. increase the quantity sold as they increase price. c. charge a price that is higher than marginal cost. d. dump excess supplies of their product on the market.
The first major piece of antitrust legislation was the
a. Clayton Act. b. Obama Care Act. c. Sherman Act. d. Clinton Act.
Utility is:
A. a measure of a consumer's income B. a way of describing a consumer's wants. C. only applicable to goods that are purchased. D. All of these are true.