On June 3, 2005, it cost 1.22 U.S. dollars to buy 1 euro. How many euros did it take to buy 1 U.S. dollar?
A. 0.82 euros
B. 0.88 euros
C. 1.22 euros
D. 88 euros
Answer: A
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Optimal constitutional rules should _____
a. be decided by a supermajority of the current legislature b. be decided by a majority of people in a society c. be agreed upon by a consensus of the writers of the constitution d. have the support of a consensus of people in a society
A monopolist maximizes profit at the quantity where the slope of its total revenue curve equals the slope of its total cost curve
a. True b. False
If an increase in production costs (say, an increase in the wage rate) results in an upward shift in the MC curve, but the MC curve still passes through the MR gap created by the kinked demand curve, then the oligopolist will respond to that increase in production costs by
a. keeping price and output the same b. raising price and decreasing output c. lowering price and increasing output d. raising price and raising output e. lowering price and lowering output
If the interest rate is r (expressed as a decimal number), the present value today of $1 to be received n years from today equals ____.
A. $1rn B. $1(1 + r)n C. $1/(1 + r)n D. $1/(1 + n)r