In a business cycle, the high point of economic activity is called
A. a peak
B. a trough
C. a zenith
D. a high
Ans: A. a peak
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Without any change in the supply of labor, how are the following events likely to change the equilibrium wage and employment level in a firm that manufactures umbrellas?
a) A forecast of higher rainfall this year b) A decrease in the price of raincoats c) The introduction of labor-saving technology in the factory
The price of one currency in terms of another is the
A) price of gold. B) price of a SDR. C) foreign exchange rate. D) price of foreign stock.
The 2005-2008 Chinese policy with respect to the Yuan has been to
a. allow its currency to float. b. allow its currency to rise in value quickly. c. allow its currency to rise in value slowly. d. allow its currency to fall in value slowly. e. allow its currency to fall in value quickly.
When a Mexican company purchases a U.S.-made computer, the Mexican company pays for it with
A) U.S. dollars. B) euros or yen. C) gold. D) Mexican goods and services. E) Mexican pesos.