Which of the following statements accurately describes the situation when 1 euro is valued at $2?
a. 2 euros can be exchanged for $1.
b. $1 can be exchanged for 0.50 euro.
c. 1 euro can be exchanged for $0.50.
d. $1 can be exchanged for 1 euro.
b. $1 can be exchanged for 0.50 euro.
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Suppose the exchange rate is initially set at 120 yen per dollar and increases to 140 yen per dollar. This would be expected to cause the price of Japanese goods in the U.S. economy to
A. decrease. B. change in a manner that cannot be determined without additional information. C. remain the same since domestic demand remains the same. D. increase.
A monopolist can earn a positive economic profit, even in the long run.
Answer the following statement true (T) or false (F)
An expected tax cut will tend to cause
A) an increase in stock prices. B) a reduction in stock prices. C) no change in stock prices. D) an ambiguous effect on stock prices.
The GDP includes
A. the value of all intermediate goods and services. B. the value of all final goods and services. C. the value of both intermediate and final goods and services. D. the value of all transactions.