The exchange rate is
a. the price of one nation's currency in terms of the currency of another nation.
b. the amount households will spend on imports.
c. the amount of foreign capital a nation receives when there is a trade surplus.
d. the amount charged by bankers for loanable funds
A
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In 2008, Zimbabwe ran out of locally produced Coca Cola and local Coke bottlers were not able to import the concentrated syrup needed to make Coke from the United States because they could not obtain U.S. dollars. A small amount of Coke was imported from
South Africa, but a single bottle sold for around 15 billion Zimbabwean dollars. Zimbabwe was experiencing rapid increases in the price level, which is known as A) stagflation. B) deflation. C) inflation. D) hyperinflation.
The illegal acts conducted by companies caught up in recent corporate scandals generally contain the word(s)
A. fraud. B. tax evasion. C. conflict of interest. D. money laundering.
How many broad categories are used by economists to define the GDP?
A. 3 B. 4 C. 6 D. 8
A good with a unit elastic demand has a:
A. price elasticity equal to -1. B. price elasticity greater than 1. C. perfectly vertical demand curve. D. perfectly horizontal demand curve.