The Wall Street Journal publishes an exchange rate of US$/C$ = 0.714, where US$ represents the U.S. dollar and C$ represents the Canadian dollar. What does this mean?
a. The Canadian dollar price of one U.S. dollar is US$0.714.
b. The Canadian dollar price of one U.S. dollar is C$0.714.
c. The U.S. dollar price of one Canadian dollar is C$1.40.
d. The U.S. dollar price of one Canadian dollar is US$1.40
e. The U.S. dollar price of one Canadian dollar is US$0.714.
e
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If the U.S. government can run chronic budget deficits, why can't state governments do the same?
A) Conservatives have more power in state legislatures than in the U.S. Congress. B) Voters do not believe in budget deficits and they control state governments. C) Most states have no income tax. D) State constitutions require balanced budgets. E) States must rely on taxation for the funds to repay creditors.
A countercyclical variable ________
A) moves up during expansions and down during contractions B) is another term for an acyclical variable C) moves in the same direction as aggregate economic activity D) all of the above E) none of the above