The real exchange rate is an adjustment of the nominal exchange rate to account for
a. inflation at home and abroad
b. supply and demand in the market
c. government's assessment of its value
d. currency amounts held by governments
e. none of the above
A
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The three components of consumption are durable goods, nondurable goods, and housing construction
Indicate whether the statement is true or false
Economies of scale and scope encourage free competition
a. True b. False Indicate whether the statement is true or false
Based on the relative size of factor payments, the most important resource in the U.S. economy is
a. capital. b. land. c. labor. d. natural resources.
In economic terminology, a normal good is a good
A) on which a monetary value cannot be placed. B) that is liked only by normal people. C) for which demand increases when price increases. D) for which demand increases when income increases.