What are the functions of money?
Medium of exchange, store of value, and unit of account
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Refer to Figure 19-9. According to the graph, is there a surplus or shortage of Saudi Arabian riyal in exchange for U.S
dollars? To maintain the pegged exchange rate, will the Saudi central bank need to buy riyal in exchange for dollars or sell riyal in exchange for dollars? How many riyal will the Saudi central bank need to buy or sell?
Suppose an investment will yield $1,000 after one year and $2,000 after two years. What is the present value of this investment if the discount rate is 8 percent?
a. $2,479.34 b. $2,640.60 c. $2,727.27 d. $3,000 e. $3,520
Which of the following is not a characteristic of a perfectly competitive market?
a. Sellers set the price of the product. b. There are many sellers. c. Buyers must accept the price the market determines. d. All of the above are characteristics of a perfectly competitive market.
Which countries joined the European Union (EU) in 2007?
A. The Czech Republic and Slovakia B. Macedonia and Montenegro C. Portugal and Spain D. Bulgaria and Romania