Swiss imports of goods and services will create a demand for foreign currency and a supply of Swiss francs.
Answer the following statement true (T) or false (F)
True
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Willingness to pay
a. measures the value that a buyer places on a good. b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. c. is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept. d. is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
In the short run, total output in an industry
A. is absolutely fixed. B. may be altered by varying the size of plant and equipment that now exist in the industry. C. can vary as the result of new firms entering or leaving the industry. D. can vary as the result of using a fixed amount of plant and equipment more or less intensively.
If demand is very inelastic,
A. The demand curve will be very steep. B. The demand curve will be horizontal. C. The demand curve is upward-sloping. D. The demand curve will be very flat.
The IS curve illustrates all combinations of domestic output levels and interest rates for which
A. the domestic product market is in equilibrium. B. the domestic money market is in equilibrium. C. there is full employment. D. there is a zero balance in the country's official settlements balance.