The buying and selling of foreign currency is known as:
a) foreign exchange.
b) foreign trade.
c) the balance of payments.
d) the capital account.
Ans: a) foreign exchange.
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The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months. B) two consecutive quarters of declining real GDP. C) a significant decline in inflation and unemployment lasting more than a few months. D) two consecutive quarters of declining nominal GDP.
The demand curve for the product of a perfectly competitive firm's demand curve indicates that if the firm
A) lowers its price, it can sell more. B) accepts the market-set price, the number of units the firm can sell is limited. C) raises its price, sales will fall to zero. D) changes its price, the quantity demanded will change in the opposite direction.