The foreign exchange rate is the:
A. Real rate of interest on long-term government bonds in other nations
B. Amount of one nation's currency that can be purchased with a unit of another nation's currency
C. Value of imports of the goods and services and the exports of goods and services in an economy
D. Rate at which money serves as a medium of exchange for goods and services that would typically be bartered
B. Amount of one nation's currency that can be purchased with a unit of another nation's currency
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Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. The reduction in the supply of Florida citrus fruit would tend to
A) shift the supply curve for Florida citrus fruit down and to the right. B) increase the price of Florida citrus fruit. C) increase the supply of California citrus fruit. D) decrease the price of California citrus fruit.
The production possibilities frontier separates ________
A) the goods and services that people want from those that they do not want B) the types of goods that can be attained from those that can't be attained C) the quantities of goods and services that can be produced from those that cannot be produced D) the combinations of goods that people value and those that they don't