If a foreign currency becomes more expensive in United States dollars, we would expect
a. U.S. exports to increase
b. U.S. imports to increase
c. U.S. exports to remain constant
d. U.S. exports to decrease
e. the quantity of foreign currency demanded in the United States to rise
A
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A firm’s price is
A. greater than average revenue. B. greater than marginal revenue. C. less than marginal cost. D. equal to average revenue.
When Congress does not pass the necessary budget resolutions by the time the new fiscal year starts, they need to pass a ______ in order to keep agencies operating
a. budgetary extension b. continuing resolution c. continuing extension d. emergency budgetary declaration
Which of the following describes monopolistic competition?
A) homogeneous products B) P = MR = MC C) Advertising plays a key role. D) There is only one seller in the industry.
The resource cost of inflation refers to
a. the opportunity cost of the resources spent coping with inflation b. the redistribution of resources due to inflation c. the lost purchasing power due to inflation d. the lost real income due to inflation e. the resources lost due to asking for higher nominal wage increase