As a consequence of the problem of scarcity:
A. There is never enough of anything
B. Individuals have to make choices from among alternatives
C. Only some people can "have it all"
D. Things which are plentiful have relatively high prices
Answer: B
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The "value of money"
A) increases during economic expansions. B) is the quantity of goods and services that a unit of money can buy. C) is determined by Fed regulations. D) is directly related to the price level. E) increases during inflationary periods.
The nominal exchange rate is 32 Russian rubles per dollar. The price of a bushel of wheat is 260 rubles in Russia and $7 in the U.S. A. What is the real exchange rate? Show your work. B. Can arbitragers make a profit? C. If your answer to B is yes, where would arbitragers buy and where would they sell