When Americans or foreigners expect the return on ________ assets to be high relative to the return on ________ assets, there is a ________ demand for dollar assets, everything else held constant
A) dollar; foreign; constant
B) dollar; foreign; higher
C) foreign; dollar; higher
D) foreign; dollar; constant
B
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If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5
Indicate whether the statement is true or false
Which of the following is not included in GDP?
A) Unpaid maintenance of your house by your spouse. B) Services such as those provided by lawyers and dentists. C) The estimated rental (imputed) value of owner-occupied housing. D) Production by foreign citizens in the U.S.
The opportunity cost of leisure is approximated by:
a. the price of leisure activities (such as theater tickets). b. an individual's hourly real wage rate. c. commuting expense. d. an individual's total income.
Which of the following is always true for a perfectly competitive firm?
a. Marginal revenue is below price. b. Marginal revenue exceeds price. c. The market demand curve is a horizontal line. d. Price equals marginal revenue. e. The market supply curve is a horizontal line.