Economics is the study of how people make
A) subjective judgments.
B) themselves worse off.
C) money.
D) choices.
D
Economics
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The average of the bilateral rate changes for a nation, weighted by the importance of the trading partner, is know as
A) the real exchange rate B) the nominal exchange rate C) the effective exchange rate D) the direct exchange rate
Economics
If the demand for a product is elastic, then a rise in price will
a. cause total spending on the good to increase. b. cause total spending on the good to decrease. c. keep total spending the same, but reduce the quantity demanded. d. keep total spending the same, but increase the quantity demanded.
Economics