Which of the following statements is CORRECT?
I. The exchange rate is a price.
II. The exchange rate is different from other prices because it is NOT determined by supply and demand.
A) only I
B) only II
C) I and II
D) neither I nor II
A
Economics
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A person has a comparative advantage in an activity whenever he or she
A) has an absolute advantage in the activity. B) can perform the activity at a lower opportunity cost than can anyone else. C) can do the activity in less time than anyone else. D) can do everything better than anyone else.
Economics
Substitutes are pairs of goods that have a positive cross-price elasticity of demand
a. True b. False
Economics