The price of one currency in terms off another currency is called
A. the foreign exchange rate.
B. foreign reserves.
C. the foreign trade deficit.
D. the balance of payments.
Answer: A
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Potential GDP is:
A) minimum amount of output that can be produced given the labor force, capital stock, and technology. B) maximum amount of output that can be produced given the labor force, capital stock, and technology. C) varies over the business cycle. D) none of the above.
A durable good is product that
A) holds up well under abuse. B) has had the same design over a long period of time. C) is purchased only once. D) is usable over a long period of time.
Agriculture is an example of
A) perfect competition. B) oligopoly. C) monopoly. D) monopolistic competition.
Economic models are most often composed of diagrams and equations
a. True b. False Indicate whether the statement is true or false