If the exchange rate changes from $2.00 = 1 euro to $1.98 = 1 euro then
A) the dollar has appreciated. B) the euro has appreciated.
C) the euro has stayed constant in value. D) the dollar has depreciated.
A
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The Supreme Court's "rule of reason"
A. has been applied since the time of the Civil War. B. was applied from 1911 to 1945. C. has been applied since 1945. D. has been applied since 1970.
Bill lives in Montana and likes to grow zucchini. He applies fertilizer to his crops twice during the growing season and notices that the second layer of fertilizer increases his crop, but not as much as the first layer. What economic concept best explains this observation?
A. The law of diminishing marginal utility. B. The law of diminishing returns. C. Return equalization principle. D. The principal-agent problem.
Some of our farm fields are being left unused. Does this have any implications for the economy's PPF diagram (with agricultural products on one axis and all other products on the other axis)?
What will be an ideal response?
Concentration of industries can lead to external economies for all of the following reasons EXCEPT
A) concentrated industries will not be competitive. B) concentrated industries will attract a network of input suppliers. C) concentrated industries will attract a deep pool of skilled labor. D) concentrated industries will experience knowledge spillovers.