When a U.S. importer needs $22,000 to settle an invoice for 25,520 Swiss francs, the exchange rate must be:
a. 1 Swiss franc = $1.16.
b. 1 Swiss franc = $0.16.
c. 1 Swiss franc = $0.84.
d. $1 = 1.16 Swiss franc.
e. $1 = 1.84 Swiss franc.
d
Economics
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The above figure shows the isoquants for producing steel. When producing between 10,000 and 20,000 tons there are
A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) economies of scale.
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