The foreign exchange rate is the ________.
A. value of imports of the goods and services and the exports of goods and services in an economy
B. amount of one nation's currency that can be purchased with a unit of another nation's currency
C. real rate of interest on long-term government bonds in other nations
D. rate at which money serves as a medium of exchange for goods and services that would typically be bartered
Answer: B
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For a normal good, an increase in consumer income will cause the market demand for the product to:
A. decrease, which is a shift to the left of the demand curve. B. decrease, which is a shift to the right of the demand curve. C. increase, which is a shift to the left of the demand curve. D. increase, which is a shift to the right of the demand curve.
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. At the world price of ________ per barrel of oil, the United States imports 6 million barrels of oil per day.
A. $100 B. $125 C. $150 D. >$150
The fact that supermarkets, a land-intensive form of organization, have become the dominant form of grocery store in the United States suggests that:
A) there is little or no potential for input substitution in the grocery store business. B) transportation costs are insignificant in the grocery store business. C) land is a relatively inexpensive input in the grocery store business. D) labor is relatively inexpensive in the grocery store business.
In the basic closed-economy ISLM model, the money demand is a function of
A) output. B) money supply. C) interest rates. D) both A and C.