The supply of movie tickets at one theater's box office for this Saturday's 4:30 show of a new movie is
A) perfectly elastic until all seats are filled.
B) unit elastic.
C) perfectly inelastic.
D) elastic.
C
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An exchange rate is the price of one country's currency in terms of another country's currency
Indicate whether the statement is true or false
Assume that policy makers are pursuing a fixed exchange rate regime. Assume that the economy is initially operating at the natural level (i.e., Y = Yn). Suppose fiscal policy makers increase taxes. This fiscal contraction will cause which of the following?
A) The real exchange rate will be permanently higher in the medium run. B) The real exchange rate will be permanently lower in the medium run. C) The effects of this devaluation on the real exchange rate will be ambiguous in the medium run. D) The real exchange rate will be unchanged in the medium run. E) none of the above