A U.S. firm that buys ______ goods must sell its ______ to pay for those goods.
a. Chinese; Chinese currency to obtain U.S. dollars
b. Mexican; U.S. dollars to obtain Chinese currency
c. Chinese; U.S. dollars to obtain Chinese currency
d. Mexican; Chinese currency to obtain U.S. dollars
c. Chinese; U.S. dollars to obtain Chinese currency
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Suppose the inflation rate target is "0" and the long run federal funds target is also "0." If the federal funds rate set using the Taylor rule is 2% and output is above trend output by 1%, the inflation rate is ________
A) 3% B) 2.5% C) 1% D) -0.5%
When a U.S. importer needs $20,000 to settle an invoice for 228,000 Uruguayan pesos, the price of 1 dollar is 11.4 Uruguayan pesos
a. True b. False Indicate whether the statement is true or false
If the absolute price elasticity of demand is 0.2, a 5 percent decrease in the price will cause
A) the quantity demanded to increase by 1 percent. B) the quantity demanded to increase by 10 percent. C) the quantity demanded to increase by 0.25 percent. D) the quantity demanded to increase by 2.5 percent.
To maximize joint profits, a cartel must determine the level of output at which:
A) joint marginal revenue equals the marginal cost of the largest member of the cartel. B) marginal revenue equals joint marginal cost. C) the horizontally sum of the members marginal cost curves is at a minimum. D) joint marginal revenue equals the marginal cost of the smallest member of the cartel.