A currency pegged at a value above the market equilibrium exchange rate is
A) depreciating in value relative to its pegged currency.
B) achieving purchasing power parity.
C) overvalued.
D) undervalued.
C
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The total U.S. labor force excludes those
a. under age 20. b. under age 18. c. under age 16. d. over age 70.
Reserve requirements exist primarily to prevent bank failures
a. True b. False Indicate whether the statement is true or false
If the long-run supply curve slopes upward, we know that this is
A. a decreasing-cost industry. B. a constant-cost industry. C. an increasing-cost industry. D. a situation in which no input prices change as firms enter and exit the industry.
The Arrow impossibility theorem suggests
A) democracies are doomed to fail in the long run. B) dictatorships are impossible in the long run. C) there is no universally applicable decision rule in a majority-rule democracy. D) there is no way to make democracy better than a dictatorship.