Exchange rates change because of relative
A. Income, relative price, and relative interest rates of countries.
B. Price changes but not relative interest rate changes.
C. Interest rate changes but not relative income changes.
D. Income changes but not relative price changes.
Answer: A
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A ________ traces out the behavior of the economy over time
A) dynamic equilibrium B) static equilibrium C) steady-state equilibrium D) comparative equilibrium
Homogeneous goods are ________
A) perfect complements B) perfect substitutes C) similar but not identical D) always inferior
According to economists, the income elasticity of an inferior good
a. is less than one b. exceeds one c. is zero d. is inelastic e. is negative
When consumers in a market become fully informed of negative information about the product, we can expect the
A. demand curve for the product to shift to the right. B. demand curve for the product to shift to the left. C. supply curve for the product to shift to the right. D. supply curve for the product to shift to the left.