Ceteris paribus means:
A) allowing all other things to change.
B) making value judgments.
C) all other things unchanged.
D) differentiating between macroeconomics and microeconomics.
Ans: C) all other things unchanged.
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A flexible exchange rate is an exchange rate whose value:
A. varies according to supply and demand for the currency in the foreign exchange market. B. reflects the comparative advantage of the home country versus other foreign countries. C. is established annually by the International Monetary Fund. D. is determined by the law of one price.
Network effects are:
A. reductions in per-unit production cost as firms learn by doing. B. the change in real GDP resulting from a change in investment or government spending. C. increases in demand resulting from products being mentioned positively in a television program. D. increases in the value of a product to each user, including existing users, as the total number of users rises.