A vehicle currency is:
a. contraband-it is used to smuggle other assets into controlled economies.
b. a widely accepted, tradable currency that serves as a currency to use for buying or selling one's own.
c. a currency whose value changes rapidly and erratically.
d. a currency used to purchase imports of autos, buses, and other transportation equipment.
Ans: b. a widely accepted, tradable currency that serves as a currency to use for buying or selling one's own.
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The exchange rate for a foreign currency that is determined by supply and demand is
A) a fixed exchange rate. B) a controlled exchange rate. C) a constrained exchange rate. D) a flexible exchange rate.
Refer to the accompanying figure. Moving from point C to point B, the opportunity cost of 25 more salads is:
A. 5 pizzas. B. 30 pizzas. C. 10 pizzas. D. 15 pizzas.