When the U.S. dollar depreciates in relation to the Swiss franc:
a. a U.S. importer will need more dollars to pay for an invoice denominated in Swiss francs.
b. a Swiss exporter will receive more Swiss francs for an invoice denominated in the exporter's currency.
c. Swiss imports of U.S. goods will fall.
d. the Swiss franc is now worth less in terms of the U.S. dollar.
e. a U.S. exporter will receive fewer dollars for an invoice denominated in Swiss francs.
a
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For supply-side inflation to occur in the long run
A) the long-run aggregate supply curve has to shift to the left. B) the aggregate demand curve has to shift to the left. C) the long-run aggregate supply curve has to shift to the right. D) the aggregate demand curve has to shift to the right.
When members of an oligopolistic industry agree to collude, raising their product price substantially above average cost, the passage of time (months and years)
a. is usually needed for the members to solidify their cooperation. b. usually results in finer control of prices and markets by the group and larger profit margins. c. is likely to erode the agreement, as ways to cheat are developed by some participants and new entry is encouraged by the high price. d. seldom has any impact on the agreement, as long as the participants maintain high profit levels as a result of the agreement.
Too many dollars chasing too few goods is a description of _____ inflation.
Fill in the blank(s) with the appropriate word(s).
Voluntary exchange
A) is the only way to eliminate scarcity. B) is a nonprice rationing device. C) is trading so that the consumer and producers are better off. D) involves no transactions costs.