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International economic relations also vary, in large measure, on monetary issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easily because you can't simply use that money to buy anything. You need U.S. dollars in payment for your services, because you can simply spend the dollar. Countries act the same way you do. There are currencies that virtually everybody accepts as payment, and those widely accepted currencies are known as hard currency.
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
Nature of Expectations in Keynes' Theory : The above discussion on the nature of expectations in Keynes' theory may be summarised as follows: 1) In forming long-term expec
regression line drawn as Y=c+1075x, when x was 2 and y was 239, given that y intercept was 11. calculate the residual
Risk Neutral - A person is a risk neutral if they show no preference between certain, and an uncertain income with the same expected value.
if the Japanese yen appreciates against the U.S. dollar, do the Japanese businesses gain by a decrease in the dollar price of exports to the United States
List four characteristics of monopolistic competition
What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
Point Elasticity of Demand - For large price changes (such as 20%), value of elasticity will depend upon where price and quantity lies on demand curve. - Point elasticity me
Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this
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