Which major actor is at the center of the foreign exchange market?
A) corporations
B) central banks
C) commercial banks
D) non-bank financial institutions
E) individual firms
C
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A good with a vertical demand curve has a price elasticity of demand that ________
A) is equal to 1 B) is equal to infinite C) is equal to zero D) varies between 0 and 1
Based on the table above which shows Chip's costs, if rice sells for $600 a ton, Chip
A) makes an economic profit and should stay open in the short run. B) makes an economic profit, but should shut down in the short run. C) incurs an economic loss, but should stay open in the short run. D) incurs an economic loss and should shut down in the short run.
Factors that cause the CPI to exaggerate the inflation rate do not include
a. the tendency of consumers to substitute relatively cheaper goods for those that have become relatively more expensive b. political pressure from unions and retirees on the Bureau of Labor Statistics to overstate the inflation rate c. the introduction of new technologies that make it easier to obtain the same standard of living d. improvements over time on the quality of products e. the increase in purchases from discount stores
The North American Free Trade Agreement (NAFTA)
a. involves the United States, Canada, and Mexico b. did not increase the volume of trade among the countries of North America c. was negotiated after President Obama took office d. failed to acknowledge environmental protection in its trade propositions