Exchange rates determined by the forces of demand and supply are called
A. fixed exchange rates.
B. floating exchange rates.
C. equilibrium exchange rates.
D. dirty exchange rates.
Answer: B
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Refer to Figure 9-2. With the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
When a producer is operating efficiently it is producing:
A. at a point on its production possibilities frontier. B. at a point on or under its production possibilities frontier. C. only one good. D. the good in which it has an absolute advantage.
A positive consumption externality occurs when;
a. When jack receives a benefit from john's consumption of a certain good b. When jack receives personal benefit from his own consumption of a certain good c. When jack benefits exceed johns benefits wo............ d. When jack consumes of a good is not beneficial to john
One limitation of the production possibilities curve is that it is unable to tell us ______.
a. when we are operating efficiently b. when we are operating inefficiently c. the trade-off for producing more of one item d. the best place to be on the curve