The real exchange rate is
A. the price of one currency in terms of another.
B. the difference in interest rates between two countries.
C. the price of domestic goods relative to foreign goods.
D. the quantity of gold that can be purchased by one unit of currency.
Answer: C
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Resources are efficiently allocated when production occurs at that point at which
a. marginal cost intersects average variable cost b. price is equal to average revenue c. price is equal to marginal cost d. marginal revenue equals marginal cost e. price is equal to average variable cost
The natural rate of unemployment in the economy is determined by the Congress and the president of the country.
Answer the following statement true (T) or false (F)
Which of the following is not a fungible commodity?
A. Electricity B. Oil paintings C. Silver D. All of these are fungible commodities.
Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than B) a surplus; is less than C) a shortage; is less than D) a surplus; is greater than E) neither a surplus nor a shortage; equals