The exchange rate is the
a. total yearly amount of money changed from one country's currency to another country's currency
b. total monetary value of exports minus imports
c. amount of a country's currency that can be exchanged for one ounce of gold
d. sum of net unilateral transfers
e. price of one country's currency in terms of another country's currency
E
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The marginal product of land depends on the quantity of land that is available
a. True b. False Indicate whether the statement is true or false
As a nation's average education level increases, the nation's level of productivity
A. Decreases, and the nation's production possibilities curve shifts to the left. B. Increases, and the nation moves to a new point on the same production possibilities curve. C. Increases, and the production possibilities curve shifts to the right. D. Decreases, and the nation moves to a new point on the same production possibilities curve.
Which of the following is the most liquid store of purchasing power?
A. a dollar bill B. common stock C. gold D. real estate
The principle of diminishing returns implies that as one input increases while the other inputs are held fixed, output:
A. increases at an increasing rate. B. increases at a decreasing rate. C. decreases at a decreasing rate. D. decreases at an increasing rate.