Which of the following will create a demand for or a supply of currencies?
a. Trade in goods
b. Trade in services
c. Trade in financial instruments
d. Any of the above.
d
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Labor is defined as cheap only if its productivity is very low.
Answer the following statement true (T) or false (F)
The account that records a nation's foreign economic transactions is called the
a. trade account. b. T account. c. exchange market. d. balance of payments.
An inward shift of the production possibilities frontier represents
A) negative economic growth. B) a rise in the unemployment rate. C) technological improvement. D) positive economic growth.
Refer to the below graph. The producer illustrated:
A. Is a monopsonist since MR = P for every unit of output sold
B. Is a pure competitor in the output market, since it must charge a constant price
C. Hires labor as a monopsonist, since it has control over the market wage rate
D. Hires labor in a competitive market, since it must pay each worker the market wage rate