What is the opportunity cost of government work?
What will be an ideal response?
The output that could be produced with the time and talent of individuals allotted to bureaucracy is the opportunity cost of government work.
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Why does a government impose controls or restrictions on converting domestic currency to foreign currency (capital controls)?
a. The government is trying to stop the rapid decline in value of the domestic currency. b. The government wants to speculate on its own currency c. The government is trying to suppress international trade d. The government is trying to avoid imposing taxes on citizens.
How would a decrease in the U.S. budget deficit affect the exchange rate in the market for dollars?
A) The exchange rate will not be affected by a change in the budget deficit. B) The exchange rate will decrease. C) The exchange rate will increase. D) The impact of the decrease in the budget deficit on the exchange rate cannot be predicted.