The domestic currency value of the foreign currency price of a product is equal to:
a. the reciprocal exchange rate between the domestic and foreign currency.
b. the reciprocal of the foreign currency price of the product
c. the difference between the foreign currency price of the product and the exchange rate between the domestic and foreign currency.
d. the foreign currency price of the product multiplied by the exchange rate between the domestic and foreign currency.
e. the reciprocal exchange rate between the domestic and foreign currency divided by the foreign currency price of the product.
d
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Holding everything else constant, an increase in the price of raisins will result in
A) an increase in the quantity of raisins demanded. B) a decrease in the quantity of raisins demanded. C) an increase in the demand for raisins. D) a decrease in the supply of raisins.
When a Japanese businesswoman traveling in the United States asks, "How many U.S. dollars can I get for these yen?" she wants to know the
A. Currency trade rate. B. Exchange rate. C. Gold standard rate. D. Terms of trade.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. By what percentage did the federal minimum wage increase between 1974 to 2015?
A. 72.41 percent B. 262.5 percent C. 362.5 percent D. 525.0 percent
An increase in net taxes at a given price level leads to
A. an increase in aggregate demand. B. a decrease in aggregate demand. C. no change in aggregate demand. D. an increase in aggregate supply.