If the U.S. dollar depreciates, it means that
a. the value of the U.S. dollar has increased.
b. the value of foreign exchange has decreased.
c. fewer U.S. dollars are required to purchase foreign exchange.
d. more U.S. dollars are required to purchase foreign exchange.
e. exports will immediately fall.
D
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Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Kate decides to play the second game. Her probability of pulling out a green marble is:
A. 40 percent. B. 75 percent. C. 10 percent. D. 50 percent.
In a monopolistically competitive market,
A. firms are small relative to the total market. B. no firm has any market power. C. there is easy entry and exit in the market. D. a and b E. a and c
Wage differentials across individual workers are determined in part by
A. effort. B. social capital. C. productivity. D. luck. E. All of these are determinants of wage differentials.
Variable costs are also known as
A. variable average product. B. short-term costs. C. long-term costs. D. production costs.