If the foreign exchange rate is 70 cents for one Swiss franc, then
A) a car that costs 40,000 francs will cost $7,143.00.
B) a wine that costs 200 francs will cost $14.00.
C) a clock that costs 500 francs will cost $350.00.
D) a house that costs 100,000 francs will cost $700,000.00.
C
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The above figure shows the U.S. market for chocolate. With international trade, ________ is the transfer of surplus from producers to consumers
A) area B +area C + area D B) area B C) area C + area D D) area A E) area E
Each point on a ________ curve shows the willingness of consumers to purchase a product at different prices
A) production possibilities B) marginal cost C) demand D) supply
In a small open economy, when exports exceed imports, all of the following are true EXCEPT
A) net capital outflows are positive. B) net exports are positive. C) domestic investment exceeds domestic saving. D) domestic output exceeds spending.
If a negative externality were present in a market, the social benefit curve would be:
A. above the private demand curve. B. below the private demand curve. C. the same as the private demand curve. D. Cannot say without more information.