Currency and bank deposits that are denominated in foreign money are called:
a. traveler's checks.
b. international funds.
c. foreign exchange.
d. foreign remittances.
e. international bonds.
c
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Moving on a bowed out PPF, what happens to the opportunity cost of its production as a nation specializes more in one product?
What will be an ideal response?
A(n) _____ implies an increase in human capital
a. addition of a new machine that laborers use in production b. increase in wealth c. more educated labor force d. increase in the number of schools in a country e. increase in the quantity of the capital used by a firm
Economists normally assume that the goal of a firm is to (i) sell as much of its product as possible. (ii) set the price of the product as high as possible. (iii) maximize profit
a. (i) and (ii) only b. (ii) and (iii) only c. (iii) only d. (i), (ii), and (iii)
Refer to Figure 1A.1. Assume that the graph in this figure represents the demand and supply curves for used cars, which are inferior goods. An increase in income would be represented by a shift from
A) Demand 1 to Demand 2. B) Demand 2 to Demand 1. C) Supply 1 to Supply 2. D) Supply 2 to Supply 1.