If the real exchange rate is less than 1, then the
a. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would buy more than enough foreign currency to buy the same good overseas.
b. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas.
c. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would buy more than enough foreign currency to buy the same good overseas.
d. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas.
d
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Of the following, the largest source of revenue for the federal government is
A) personal income taxes. B) sales taxes. C) corporate income taxes. D) property taxes. E) lottery revenue.
An initial allocation of goods is called a(n)
A) endowment. B) inheritance. C) pareto set. D) general equilibrium goods set.