When a U.S. importer needs $20,000 to settle an invoice for 228,000 Uruguayan pesos, the price of 1 dollar is 11.4 Uruguayan pesos
a. True
b. False
Indicate whether the statement is true or false
True
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Stagflation caused by a negative supply shock makes macroeconomic policy very difficult; trying to reduce the size of a recession caused by the shock leads to a higher price level
a. True b. False Indicate whether the statement is true or false
Over the past century, the growth rate of real GDP in the United States has averaged approximately
a. 1 percent. b. 3 percent. c. 6 percent. d. 10 percent.
If a price is above equilibrium,
A. A surplus will cause the price to fall and the quantity supplied to decrease. B. A surplus will cause the price to fall and the quantity supplied to increase. C. A shortage will cause the price to fall and the quantity supplied to decrease. D. A shortage will cause the price to rise and the quantity supplied to increase.
If producers must obtain higher prices than before to produce a given level of output, then the following has occurred:
A. A decrease in demand. B. An increase in demand. C. A decrease in supply. D. An increase in supply.