The exchange rate is:
a. the rate at which goods will exchange for each other in the international market.
b. the number of units of one currency required in exchange for one unit of another currency.
c. set by the International Trade Commission.
d. established by the ratio of the values of gold to silver.
e. set by each individual country.
b
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The GDP deflator is equal to
A) nominal GDP divided by real GDP. B) real GDP divided by nominal GDP, multiplied by 100. C) real GDP divided by nominal GDP. D) nominal GDP divided by real GDP, multiplied by 100.
Both classicals and Keynesians agree that policymakers
A) can exploit the Phillips curve in the short run. B) cannot exploit the Phillips curve in the short run. C) can keep the unemployment rate permanently below the natural rate by permanently running a high rate of inflation. D) cannot keep the unemployment rate permanently below the natural rate by permanently running a high rate of inflation.