The exchange rate is
a. the rate at which goods will exchange for each other in the international market
b. the number of units of one currency required in exchange for one unit of another currency
c. the number of units of one currency required in exchange for one unit of another countries' good
d. established by the ratio of the values of currency to goods
e. set by each individual country, which is why we have deficits and surpluses on current account
B
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Which of the following is an intermediate target?
A) M2 B) reserves C) unemployment rate D) inflation rate
Taxes cause:
a. Market distortions b. A reduction in incentives to work c. A decrease in wealth creating transactions d. All of the above
Interlocking directorates are illegal under the ____ whether or not the effect may be to substantially lessen competition
a. Clayton Act b. Robinson-Patman Act c. Sherman Antitrust Act d. Federal Trade Commission Act e. Interstate Commerce Act
Why is oligopoly more difficult to model than competition or monopoly?