An arbitrageur in foreign exchange is a person who
a. buys foreign currency, hoping to profit by selling it at a higher exchange rate at some later date
b. earns illegal profit by manipulating foreign exchange
c. causes differences in exchange rates in different geographic markets
d. simultaneously buys large amounts of a currency in one market and sells it in another market
e. mediates disputes when there is no agreement on exchange rates in international currency markets
D
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In the long run, perfect competition results in firms producing
a. at the minimum point of their long-run average cost curves, which indicates allocative efficiency. b. where price equals marginal cost, which indicates economic efficiency. c. where price equals marginal cost, which indicates the optimal scale of operation. d. at the minimum point of their long-run average cost curves, which indicates economic efficiency.
Describe the structure-conduct-performance (S-C-P) paradigm
What will be an ideal response?
The market for "lemons" is one in which
a. the rational buyer discounts b. the seller's product claims are unverifiable at the point of purchase c. "the bad apples drive out the good" d. the problem of adverse selection is rampant e. all of the above
Which of the following is(are) true regarding the median voter model?
a. In majority voting systems, either the right-wing or the left-wing wins, and so the median voter is the only voter guaranteed not to get his/her preferences met. b. In majority voting systems, the median voter is always a part of the losing side, and so no voter wants to be the median voter. c. In majority voting systems, the median voter determines which outcome wins. d. In majority voting systems, the median voter is always a part of the wining side, and so no voter wants to be the median voter.