Refer to the scenario above. A basket of goods worth $1 in the U.S. has a price of ________ in Country 2

Suppose the Chicago Bears football team raises ticket prices by 13 percent and as a result the quantity of tickets demanded decreases by 21 percent. This response means that the demand for Bears tickets is

A) inelastic. B) elastic. C) unit elastic. D) perfectly inelastic. E) perfectly elastic.

Which of the following institutions is the most important participant in foreign currency markets?

A) A retail customer B) A commercial bank C) A foreign exchange broker D) A central bank E) None of the above.