An economic variable that moves in the opposite direction as aggregate economic activity (down in expansions, up in contractions) is called
A. procyclical.
B. countercyclical.
C. acyclical.
D. a leading variable.
Answer: B
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List the three basic economic questions that all societies must answer
What will be an ideal response?
If wages for accountants rose, then accountants' leisure time would have a lower opportunity cost
a. True b. False Indicate whether the statement is true or false
Use a model of the dollar-euro foreign exchange market to illustrate how the value of the dollar is determined in terms of the euro. Identify two factors that would increase the value of the dollar in terms of the euro.
What will be an ideal response?
________ has been the primary system for determining exchange rates since 1971.
A. The Bretton Woods system B. A managed floating system C. The gold standard D. A freely floating system