An economy that trades with the rest of the world is a(n) ________.

Suppose that in some country the price of silver increased from $30 per ounce to $31 per ounce during a time when the overall price level increased by 5 percent. During this period, the real price of silver

a. increased. b. decreased. c. stayed the same. d. might have increased, decreased or stayed the same; more information is needed to be sure.

A flexible exchange rate between two countries is determined by

A. the International Monetary Fund. B. the demand and supply of both countries' currencies. C. Bretton Woods agreement. D. the governments of both countries.