Anything that causes the United States to buy fewer foreign goods shifts the foreign currency __________ curve to the __________
A) demand; right
B) demand; left
C) supply; right
D) supply; left
B
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Explain what is meant by urban bias. What are the major effects of urban bias?
What will be an ideal response?
Real GDP is the value of goods and services
A) adjusted only for unanticipated inflation. B) adjusted only for anticipated inflation. C) using base-year prices. D) using current-year prices.
In any given market, prices are determined by
A) specialization of labor. B) transactions costs. C) supply and demand. D) comparative advantage.
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary will only trade if the equilibrium price is less than $1. B. Joe and Mary will not trade in equilibrium. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary cannot make a mutually beneficial exchange.