An appreciation of one's currency means that
a. the country's exports will become less expensive.
b. the country's imports will become more expensive.
c. the country's imports will become less expensive.
d. it now requires more of this currency in exchange for one unit of another currency.
e. it now requires less units of other currencies in exchange for one unit of this currency.
C
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Economic models like the AD-AS model tell us:
A. how to determine which economic variables are changing. B. what to expect if we know what is happening. C. exactly what is happening. D. nothing useful about the real world.
The percent change in the quantity of one commodity demanded divided by the percent change in the price of another commodity is the
a. price elasticity of demand b. price elasticity of supply c. income elasticity of demand d. income elasticity of supply e. cross-price elasticity of demand