The exchange rate is:
a. the rate at which goods will exchange for each other in the international market.
b. the number of units of one currency required in exchange for one unit of another currency.
c. set by the International Trade Commission.
d. established by the ratio of the values of gold to silver.
e. set by each individual country.
b
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According to the economic way of thinking, scarcity implies
A) money. B) competition. C) capitalism. D) chaos. E) all of the above.
Refer to the figure above. What is the consumer surplus when the market is perfectly competitive?
A) $30 B) $60 C) $90 D) $180
Mobutu Sese Seko was President of ________
A) Canada B) Zaire C) Cote d'Ivoire D) Tajikistan
Susie doesn't buy ice cream this week at the grocery store because she intends to start a diet in a few days. Her behavior is an example of:
A. a commitment device. B. status quo bias. C. the endowment effect. D. positive framing.