Which of the following explains the shift in the foreign exchange market?
a. U.S. residents demanded more European goods and hence demanded fewer euros.
b. Europeans demanded more U.S. goods and hence demanded more U.S. dollars.
c. U.S. residents demanded fewer European goods and hence demanded more euros.
d. Europeans demanded fewer U.S. goods and hence demanded less U.S. dollars.
b. Europeans demanded more U.S. goods and hence demanded more U.S. dollars.
You might also like to view...
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
By the late 1880s, the main difference between the American Federation of Labor (AFL) and the Knights of Labor was
(a) the relatively low dues charged members by their AFL locals. (b) the broader membership base of AFL locals compared to the Knights. (c) the AFL's commitment to "progressive" politics. (d) the narrow membership qualifications of AFL locals compared to the Knights.
Which of the following is true?
A) All of the above are true. B) The parents of successful entrepreneurs almost always have at least a college education. C) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others. D) Entrepreneurs are under-represented among millionaires.
Table 21.2Output (units per day)0102030Total cost (dollars per day)$40$54$62$80For the output levels in Table 21.2, the minimum of the average variable cost curve occurs at a production rate of
A. 10 units per day. B. 30 units per day. C. 20 units per day. D. Zero units per day.