The U.S. dollar exchange rate describes the
a. the deficit/surplus situation in the balance of payments.
b. the price of a foreign currency in terms of dollars.
c. the deficit/surplus situation in the merchandise trade balance.
d. future changes in foreign balance of payments.
e. none of the above.
E
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Gross domestic product is the money value of all final goods and services produced in an economy in a year
a. True b. False Indicate whether the statement is true or false
The Federal Reserve is run at the national level by _____
a. Congress b. the president c. a board of governors d. the federal government
A black market may occur when
A) the government imposes a price floor below the market clearing price. B) the government imposes a price ceiling below the market clearing price. C) the government imposes a price ceiling above the market clearing price. D) the government does not impose either a price ceiling or a price floor.
Other things being equal, an increase in taxes will
A. lead to a corresponding reduction in interest rates increasing the crowding out effect. B. cause a decrease in aggregate demand due to decreases in consumption, investment, or net exports. C. influence the short run aggregate supply curve but not the aggregate demand curve. D. lead to a reduction in the long run aggregate supply curve as businesses enjoy greater profits.