In 2007, the value of the U.S. dollar
A. increased relative to the euro.
B. decreased relative to the euro.
C. remained stable relative to the euro.
D. was equal to the value of the euro.
Answer: B
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A bank has deposits of $100,000, reserves of $20,000, and loans of $80,000. If the desired reserve ratio is 10 percent, then its excess reserves are
A) 0. B) $8,000. C) $10,000. D) $2,000. E) $12,000.
Import quotas
A) are the same as tariffs. B) set the maximum quantity of a good that can be imported. C) are not used by the United States. D) set the minimum percentage of the value of a product that must consist of imported components.
When government receipts exceed total government spending during a fiscal year, the difference is
a. a budget surplus. b. a budget deficit. c. the national debt. d. automatically refunded.
Inelastic demand creates an incentive for suppliers to:
A. stop producing altogether. B. compete with each other and increase quantity supplied. C. try to get together and increase quantity supplied. D. try to get together and limit quantity supplied.