If the price of a good in the U.S. is $10, the exchange rate is 2 units of foreign currency per dollar, and the foreign price of the same good is 30 units of foreign currency, then the real exchange rate is 2/3
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Joseph earns $75,000. If his average tax rate is 18%, what is the total amount of money that he pays as tax?
A) $1,500 B) $13,500 C) $2,700 D) $15,000
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If real GDP is less than potential GDP, the economy is
A) not in macroeconomic equilibrium. B) at full employment. C) in an above-full-employment equilibrium. D) in a below-full-employment equilibrium.
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Refer to the table at right. The balance of trade is
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