Assume that the yuan-dollar nominal exchange rate at the beginning of 2012 was 4 yuan per dollar and at the beginning of 2013 was 6 yuan per dollar
Given this information, identify the currency that appreciated and the currency that depreciated over 2012.
At the beginning of 2012, one dollar could buy 4 yuan, while at the beginning of 2013, one dollar could buy 6 yuan. Hence, over 2012, the dollar appreciated and the yuan depreciated.
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In making your decision whether to take a trip during spring break, you compare all the other activities you could undertake. As a result, you
A) are not making a rational choice. B) must have made a choice in the social interest. C) limit the cost and the benefits you can gain. D) are making a choice on the margin. E) do not face an opportunity cost.
If the value of a home falls below the amount owed on the mortgage for that property, the house is said to be ________
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