Markets in which the currencies of different countries across the world are traded are called:
a. stock markets.
b. foreign exchange markets.
c. loanable funds markets.
d. commodity markets.
e. money markets.
b
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Scarcity means that
A) what we can produce with our resources is greater than our material wants. B) resources are unlimited. C) wants are greater than what we can produce with our resources. D) governments must make up for shortages in resources. E) choices made in self-interest cannot be the same as those made in the social interest.
Which of the following is true about rational expectations?
a. People form expectations on the basis of information about past as well as future actions of policy makers. b. Wage agreements do not reflect inflationary expectations if workers expect continued inflation c. Rational people cannot easily anticipate the effects of discretionary policy on the price level and output. d. The role of expectations is applicable in the context of monetary policy only. e. The effectiveness of a particular government policy is independent of people's expectations.