The rate at which one currency can be traded for another is called the
A) terms of trade. B) exchange rate. C) transfer rate. D) coupon rate.
B
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Which of the following is TRUE of unemployment?
A) It is defined as the number of people actively looking for work who do not have jobs. B) The result is that the economy operates inside its production possibilities curve. C) There are psychological consequences associated with unemployment. D) All of the above.
If the quantity demanded at a price of $10 is 2,000 and the quantity demanded at a price of $8 is 2,400, a price-discriminating monopolist would want to:
A. sell 2,000 units for $10 each and then sell an additional 400 units for $8 each. B. charge all consumers the higher price of $10 and sell 2,000 units. C. charge all consumers $8 in order to increase quantity sold to 2,400. D. sell 2,000 units for $8 each and then sell an additional 400 units for $10 each.
A value of zero for the elasticity of supply of some product implies that
A) the supply curve is horizontal. B) supply is highly responsive to price. C) the product will not be supplied at any price. D) there is no supply. E) the supply curve is vertical.
The Arrow impossibility theorem suggests
A) democracies are doomed to fail in the long run. B) dictatorships are impossible in the long run. C) there is no universally applicable decision rule in a majority-rule democracy. D) there is no way to make democracy better than a dictatorship.