An increase in the U.S. demand for foreign exchange will
a. decrease the price of foreign exchange
b. decrease the value of the U.S. dollar
c. increase the value of the U.S. dollar
d. make foreign goods less expensive in U.S. dollars
e. make U.S. goods more expensive in foreign exchange
B
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Suppose Raul has budgeted $100 of his monthly income towards two good: t-shirts and jeans. If the price of a pair of jeans is $20 and last month he spent his $100 on a bundle containing 2 pairs of jeans and 12 t-shirts, which of the following is another point on Raul's budget line?
a. 3 pairs of jeans and 16 t-shirts b. 1 pair of jeans and 15 t-shirts c. 3 pairs of jeans and 6 t-shirts d. 0 pairs of jeans and 20 t-shirts
The long-run Phillips curve would shift to the left if
a. the money supply growth rate increased or labor markets become more flexible. b. the money supply growth rate increased but not if labor markets become more flexible. c. labor markets become more flexible but not if the money supply growth rate increased. d. None of the above is correct.
The best definition of GDP is
A. A physical measure of the capital stock of the economy. B. The sum of the physical amounts of goods and services in the economy. C. A dollar measure of final output produced during a given time period within a nation's borders. D. A measure of the per capita economic growth rate of the economy.
The wages and salaries that people earn differ partly because of differences in:
A. Wealth B. Ability C. Social Security payments D. In-kind transfer payments