U.S. businesses are demanders of foreign currencies because they need them to ________.
A. receive interest payments from foreign governments
B. pay for goods and services imported from foreign countries
C. sell goods and services exported to foreign countries
D. receive interest payments from foreign businesses
Answer: B
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To maximize profit, a perfectly competitive firm
A) should sell the quantity of output determined by the interaction between industry demand and supply. B) should produce the quantity of output that results in the greatest difference between marginal revenue and marginal cost. C) should sell the quantity of output that results in a value for total revenue that is equal to total cost. D) should produce the quantity of output that results in the greatest difference between total revenue and total cost.
A competitive market structure differs from the monopoly, oligopoly, and monopolistic competition structures in the
A) producers' ability to set price. B) profit maximization condition. C) amount of long-run profit. D) entry conditions.