The equilibrium price for a currency based on the forces of supply and demand is also known as the ______ of that currency.
a. surplus rate
b. equilibrium quantity
c. shortage quantity
d. exchange rate
d. exchange rate
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The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year. The price of cotton in Georgestan is
A) 30 cents per pound. B) 40 cents per pound. C) 60 cents per pound. D) 50 cents per pound.
Technically speaking, in what year did the “Great Recession” end?
A. 1933 B. 1935 C. 2007 D. 2009 E. It had not ended as of 2011.
Which of the following is always a characteristic of the oligopoly market structure?
a. Many sellers, each small in size relative to the overall market. b. Few sellers. c. All sellers produce identical products. d. Easy, low-cost entry and exit.
A period of significant decline in economic activity, marked by falling GDP, rising unemployment, and an increased number of bankruptcies, is called:
A. a severe depression. B. a recession. C. an expansion. D. a boom.