Which of the following best defines foreign exchange?
a. a trade between two countries
b. the market where exporting and importing activities take place
c. the price of a currency relative to another currency
d. the currency of another country used for trading
e. the dollars that the United States uses to buy goods from other countries
D
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Which of the following is fully tax deductible (it is either subtracted or excluded from taxable income) under the current tax system of the United States?
a. out-of-pocket medical expenses b. healthcare insurance purchased through one's employer c. healthcare insurance purchased directly by an individual or family d. all of the above
Refer to the accompanying figure. The opportunity cost of producing one bushel of corn is:
A. ½ of a bushel of wheat. B. 500 bushels of wheat. C. 250 bushels of wheat. D. 2 bushels of wheat.