Which of the following is not an obstacle to development?
A. Overpopulation
B. Excessive investment
C. Political instability
D. Corruption
Answer: B
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If the U.S. dollar buys 50 Japanese yen, and 50 yen buy 75 Russian rubles, and 75 rubles buy 300 Israeli shekels, and the exchange rate of the dollar for the shekel is below 300,
a. there is an arbitrage opportunity b. the demand for all currencies (yen, ruble, shekel, dollar) will increase c. the market is in equilibrium d. the supply of all currencies (yen, ruble, shekel, dollar) will increase e. there is no possibility for arbitrage
Velocity can be calculated as the ratio of the value of transactions to
a. the price level. b. level of real GDP. c. the money stock. d. the inflation rate.
Economic goods are
A. abundant goods, about which we must constantly make decisions about their best use. B. all intangible items from which individuals derive satisfaction or happiness. C. goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price. D. goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price.
Dumping is
A) selling a good abroad in huge quantities at a very low price. B) exporting goods that are sources of pollution. C) exporting goods that are of inferior quality relative to the goods sold in the domestic market. D) selling a good abroad at a price below cost or below the price charged in the domestic market.