The real exchange rate:
A. expresses the value of goods in one country in terms of the same goods in another country.
B. is the nominal exchange rate adjusted for purchasing power parity.
C. uses the price level in each country to convert the exchange rate into a value that is in "real" terms.
D. All of these statements are true.
D. All of these statements are true.
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In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. This tax:
a. ended the dual banking system in the U.S. b. was less than the tax on national bank notes. c. was rescinded in 1870. d. was avoided through the use of deposits.
In long-run equilibrium, employment is at full employment and unemployment is at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
Give an example, not similar to the text material, where you erroneously took sunk costs into account where it was inappropriate to do so.
What will be an ideal response?
A production function shows the
A. Maximum quantity of inputs required to produce a given quantity of output. B. Output capacity of the entire economy. C. Minimum amount of output that can be obtained from alternative combinations of inputs. D. Maximum output of a good attainable from different combinations of factor inputs.