The current system of exchange rates can best be described as:
A. freely fluctuating exchange rates.
B. managed floating exchange rates.
C. rigidly fixed exchange rates.
D. an adjustable peg system.
B. managed floating exchange rates.
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The change in total spending from additional income is
A. MPS. B. MPC. C. APC. D. APS.
Table 7-5 Stereos produced 0 1 2 3 4 5 6 Total cost (in $) 200 325 410 475 550 660 825 Table 7-5 shows short-run total cost figures for a stereo manufacturer. At what output level does short-run average variable cost reach a minimum?
A. 2 B. 3 C. 4 D. 5
When the domestic currency depreciates, domestic goods become more expensive to foreign buyers
a. True b. False Indicate whether the statement is true or false
A correct formula (dropping all minus signs) for the calculation of the elasticity of demand between point Q1, P1 and point Q2, P2 is
a. [(P2 ? P1)/(P2 + P1)]/[(Q2 ? Q1)/(Q2 + Q1)]. b. [(P2 ? P1)/P1]/[(Q2 ? Q1)/Q1]. c. [(Q2 ? Q1)/(Q2 + Q1)]/[(P2 ? P1)/(P2 + P1)]. d. [(Q2 ? Q1)/Q2)]/[(P2 ? P1)/P2].