If the foreign exchange rate is one dollar for 10 South African rand, then how many dollars are needed to purchase an item that costs 100 rand?
A. 0.01
B. 100
C. 1,000
D. 10
Answer: D
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Economic models explore decision making by individuals, firms and other organizations
Indicate whether the statement is true or false
Suppose a graph with Ron's weight on the vertical axis and his consumption of ice cream on the horizontal axis indicated that for each serving of ice cream he ate, Ron would gain 3 pounds, regardless of how much ice cream he had already eaten. This graph would show a
a. horizontal line at weight = 3 b. straight line with slope = 3 c. straight line with slope = 1/2 d. straight line with slope = -3 e. straight line with slope = -1/3
Specialization arises because
A) some people don't like doing some tasks. B) differences in the costs of production give some producers a comparative advantage in the production of particular goods or services. C) the government directs resources into certain activities. D) inefficient production forces producers to trade.
Because money growth is a major component determining the inflation rate, in order to forecast inflation we should forecast actions by the
A) Congress. B) President. C) Fed. D) Office of the Treasury. E) U.S. Mint.