A currency revaluation is a(n):
A. reduction in the official value of a currency in a fixed-exchange-rate system.
B. decrease in the value of a currency relative to other currencies.
C. increase in the value of a currency relative to other currencies.
D. increase in the official value of a currency in a fixed-exchange-rate system.
Answer: D
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When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus. B) producer surplus. C) consumer shortage. D) producer shortage. E) deadweight surplus.
If Tattling Tina tattles, what would Bratty Brenda's best response be
a. Hit b. Not hit c. Run d. Hide
If the market for butter is perfectly competitive, then the demand curve facing a firm that produces butter will be:
A. perfectly inelastic. B. perfectly elastic. C. unit elastic. D. upward sloping.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.