The situation that exists because our unlimited wants exceed our limited resources is called ______.
a. a correlation
b. an input
c. a shortage
d. scarcity
d. scarcity
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The law of demand in the foreign exchange market refers to the relationship between the
A) exchange rate and the quantity of U.S. dollars demanded. B) interest rate and the exchange rate. C) interest rate and the quantity of U.S. dollars demanded. D) U.S. price level and the exchange rate.
Everything else held constant, if a factor increases the demand for ________ goods relative to ________ goods, the domestic currency will appreciate
A) foreign; domestic B) foreign; foreign C) domestic; domestic D) domestic; foreign
The real GDP data could be properly thought of as
a. an index of our economic well-being. b. a measure of the total wealth of a nation. c. an index of total output or productive activity. d. an index that measures the size of government.
According to the law of supply:
A. producers are willing to supply larger amounts of a good as its price increases. B. a direct relationship exists between the price of a good and the amount buyers choose to buy. C. an inverse relationship exists between the price of a good and the amount buyers wish to buy. D. an inverse relationship exists between the price of a good and the amount producers supply.