The exchange rate is
A) the price of one currency relative to gold.
B) the value of a currency relative to inflation.
C) the change in the value of money over time.
D) the price of one currency relative to another.
D
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An exchange rate system under which currencies are allowed to fluctuate with frequent interventions by central banks is called a
A) freely floating system. B) fixed system. C) managed floating system. D) None of the above.
The opportunity cost of an action: a. can be determined by considering the benefits that flow from the action as well as the monetary costs incurred as a result of the action. b. can be determined by adding up the bills incurred as a result of the action
c. can be objectively determined only by economists. d. is a subjective valuation that can be determined only by the individual who chooses the action.