Assume you have $1,000 in a savings account at the beginning of the year and the price level is equal to 100. If the price level is equal to 115 at the end of the year, the real value of your savings is closest to

Are black markets for foreign currencies more likely to occur in countries with an overvalued currency or with an undervalued currency? Why?

What will be an ideal response?

In the figure above, the Lorenz curve that shows the richest 20 percent of households receiving 80 percent of all income is

A) curve A. B) curve B. C) curve C. D) curve D.