Economists estimate that ________ of U.S. currency is outside the United States and held primarily by ________
A) over half; households and firms in countries where there is little confidence in the local currency
B) over half; foreign banks and foreign governments
C) less than one quarter; households and firms in countries where there is little confidence in the local currency
D) less than one quarter; foreign banks and foreign governments
Answer: A
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As we move down a linear demand curve, the absolute value of the price elasticity of demand:
A) increases. B) stays the same. C) decreases. D) cannot be determined without more information.
A technological breakthrough lowers the cost of manufacturing DVDs. As a result, the market changes to a new equilibrium because of a(n):
a. upward movement along the demand curve for DVDs. b. rightward shift in the demand curve for DVDs. c. rightward shift in the supply curve for DVDs. d. shortage of DVDs.
According to the graph shown, if the market goes from equilibrium to having its price set at $10:
A. market transactions will decrease by 7.
B. market transactions will decrease by 3.
C. market transactions will decrease by 10.
D. market transactions will not change, only price has changed.
For firms in an oligopoly to be interdependent,
a. goods must be undifferentiated b. goods must be differentiated c. firms must be small d. barriers to entry must be minimal e. goods can be either undifferentiated or differentiated