If fewer U.S. dollars are needed to buy a Swiss franc, then
a. Swiss goods become relatively more expensive to U.S. residents
b. U.S. residents buy fewer francs
c. U.S. goods become relatively cheaper to Swiss residents
d. U.S. residents buy more Swiss goods
e. U.S. residents supply more francs
D
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According to Keynes, money wages
a. would adjust in the short run in order to maintain full-employment. b. are inflexible in the short run are cannot guarantee full-employment levels of output. c. are inflexible and fall as the price level rises. d. are more flexible downward than upward direction.
The group of countries more likely to have a high number of telephone lines per 1,000 people is
a. high-income countries b. zero-income countries c. infinite-income countries d. low-income countries e. middle-income countries
A firm experiencing economic losses could be earning accounting profits: a. If implicit costs are greater than zero. b. If implicit costs are equal to zero
c. If implicit costs are less than zero. d. In none of the above scenarios.
Physical and human capital investments are
a. different in that the opportunity for economic profit is present for physical capital but not for human capital investments. b. different in that human capital decisions do not involve future income considerations, while physical capital investments do. c. similar in that nonmonetary considerations play an equally important role in both. d. similar in that both involve forgoing current income (and consumption) in an effort to achieve higher future income (and consumption).