The rate at which two currencies are exchanged for each other is the
a. exchange rate.
b. tariff rate.
c. reserve rate.
d. managed rate.
a. exchange rate.
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How can changes in the market price of wealth previously acquired alter a country's net foreign wealth?
What will be an ideal response?
Fixed costs are
A) a production expense that does not vary with output. B) a production expense that changes with the quantity of output produced. C) equal to total cost divided by the units of output produced. D) the amount by which a firm's cost changes if the firm produces one more unit of output.
A monopolistically competitive firm in short-run equilibrium:
A) will make negative profit (lose money). B) will make zero profit (break-even). C) will make positive profit. D) Any of the above are possible.
Technology
A) is constantly changing at every point along a production possibilities curve. B) is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good. C) does not have an effect on the amount of a good a society can produce with its given resources. D) only changes if resources change.