If the exchange rate between yen and dollars were 120 yen per dollar, when a Japanese tourist buys a good valued at $600, its cost in yen would be:
a. 5 yen

The net loss in welfare from a quota is proportionately larger than for a tariff because: a. it does not result in government revenue

b. the loss in consumer surplus is greater than the gain to producers and the government. c. it prevents nations from fully realizing their competitive advantage. d. it brings about higher prices and revenues to domestic producers.

When the Federal Open Market Committee sells U.S. government securities in the open market, the money supply is reduced

Indicate whether the statement is true or false