The nominal exchange rate:
A. expresses the value of goods in one country in terms of the same goods in another country.
B. is the stated rate at which one country's currency can be traded for another country's goods and services.
C. is the stated rate at which one country's currency can be traded for another country's currency.
D. expresses the value of goods in one country in terms of another country's currency.
C. is the stated rate at which one country's currency can be traded for another country's currency.
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A surplus will occur in a market if:
A. the quantity supplied at a given price exceeds the quantity demanded at that price. B. the quantity demanded at a given price is less than the quantity supplied at that price. C. there are not enough sellers at the prevailing price. D. there are too many buyers at the prevailing price.
Consider a market that is in equilibrium. If it experiences an increase in demand, what will happen? The demand curve will shift to the:
A. right, and the equilibrium price and quantity will rise. B. right, and the equilibrium price will increase and the equilibrium quantity will decrease. C. right, and the equilibrium price and quantity will fall. D. left, and the equilibrium price and quantity will fall.