Virginia's Ham Company is currently employing 100 workers at a wage of $6 per hour. The firm produces 30 hams that sell for $12 each. The total labor cost per hour is

A deep recession hits the world economy, and real GDP in the rest of the world decreases. In the United States,

A) aggregate supply increases and aggregate demand decreases, so the effect on the price level is uncertain. B) aggregate supply and aggregate demand both decrease, and the price level rises. C) aggregate supply and aggregate demand both increase, and the price level rises. D) aggregate supply decreases while aggregate demand does not change, and the price level rises. E) aggregate demand decreases while aggregate supply does not change, and the price level falls.

Which of the following defines a soft peg?

A) An exchange rate determined by the market B) An exchange rate that fluctuates within a set band C) An exchange rate that is not allowed to vary D) An exchange rate that is backed by gold