The exchange rate of the Euro in terms of the US Dollar is currently:
(a) At parity.
(b) Below parity.
(c) Above parity.
(d) Undefined.
Answer: (b) Below parity.
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A perfect market would have all but which of the following characteristics?
A) Infinitely divisible securities B) Asymmetric information C) Buyers and sellers of financial instruments would know the true quality of what they are buying and selling. D) Buyers and sellers could transact with each other without cost (no transactions costs).
For an individual who has special talent as an entertainer, a large proportion of his salary can be considered
A) a fixed cost. B) economic rent. C) a payment below opportunity cost. D) non-taxable income.
Which of the following is part of Keynesian economic theory?
a. total output adjusts to aggregate expenditure b. the aggregate supply curve is horizontal c. businesses adjust their level of output to meet the demand for output d. All of these.
If two goods are close substitutes:
a. A decrease in the price of one will increase the demand for the other b. An increase in the price of one will increase the demand for the other c. An increase in the price of one will decrease the demand for the other d. A decrease in the price of one will have no effect on the demand for the other