As the dollar exchange rate, e, increases, the quantity of dollars supplied in the foreign exchange market ________, and the quantity of dollars demanded in the foreign exchange market ________.

Suppose that you have saved $100 . You can spend it today or you can put it in your savings account for a year and earn 5% interest. What is the opportunity cost of spending the money today?

What will be an ideal response?

The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's proven oil reserves. Economists refer to OPEC as a cartel because

A) it is a group of firms that collude to restrict output to increase prices and profits. B) OPEC is a monopoly, but it is located outside of the boundaries of any one country. This is the definition of a cartel. C) this is the term economists use to describe an oligopoly that sells a standardized product, such as oil, rather than a differentiated product, such as automobiles. D) this is the term used for an oligopoly that is controlled by national governments rather than private firms.