If the exchange rate between yen and dollars were 120 yen per dollar, when an American purchases a good valued at 600 yen, its cost in dollars would be:
a. $5
b. $600.
c. $72,000.
d. $120.
a
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Assume that the real GDP of a developing nation increases from $120 billion to $140 billion while its population expands from 100 to 110 million. As a result, real GDP per capita has increased by about ________.
A. $64 per person B. $88 per person C. $72 per person D. $56 per person
In the United States, of the following decades inflation was highest during the ________.,
A) 1970s B) 1990s C) 1960s D) 2000s
For a commodity to function effectively as money it must be
A) easily standardized, making it easy to ascertain its value. B) difficult to make change. C) deteriorate quickly so that its supply does not become too large. D) hard to carry around.
If a nonbinding price ceiling is imposed on a market, then the
a. quantity sold in the market will decrease. b. quantity sold in the market will stay the same. c. price in the market will increase. d. price in the market will decrease.