Course Introduction
Survey of Economics
Textbook Exam Questions
Survey of Economics offers a broad introduction to the fundamental principles and concepts of economics, encompassing both microeconomics and macroeconomics. Students will explore topics such as supply and demand, market structures, price determination, fiscal and monetary policy, economic growth, inflation, unemployment, and the role of government in the economy. The course emphasizes real-world applications, encouraging students to analyze current economic issues and understand the decision-making processes of individuals, businesses, and governments in diverse economic environments.
Recommended Textbook
Economics 10th Edition by Stephen Slavin
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32 Chapters
8094 Verified Questions
8094 Flashcards
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Page 2
Chapter 1: A Brief Economic History of the United States
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Sample Questions
Q1) The most important factor in reversing the economic decline of 1929-1933 was that
A)the federal government finally balanced its budget.
B)the stock market began to rise.
C)people became more optimistiC.
D)the federal government began to spend a huge amount of money.
Answer: D
Q2) The New Deal
A)may be summarized by these words: relief,recovery,and reform.
B)introduced Medicare and Medicaid.
C)succeeded in quickly ending the Great Depression.
D)reduced the economic role of the federal government.
Answer: A
Q3) The New Deal was carried out during the administration of President
A)Herbert Hoover.
B)Franklin Roosevelt.
C)Harry Truman.
D)Dwight Eisenhower.
E)Lyndon Johnson.
Answer: B
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Page 3
Chapter 2: Resource Utilization
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Sample Questions
Q1) Individuals are forced to make choices because A)human wants are limited.
B)the supply of resources is infinite.
C)wants are unlimited and resources are scarce.
D)resources are unlimiteD.
Answer: C
Q2) A country producing a combination of 5 units of guns and 6 units of butter would be _________________ (outside/on/inside)the production possibilities curve.
Answer: inside
Q3) If our economy were operating on its production possibilities frontier,it would have the best chance of temporarily reaching point F if
A)we were at war.
B)we were in a depression.
C)we were in a period of inflation.
D)we invested more in plant and equipment.
Answer: A
Q4) What is the opportunity cost of moving from point B to point C?
Answer: 2 milk shakes
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4
Chapter 3: The Mixed Economy
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Sample Questions
Q1) Which of the following is NOT a characteristic of a centrally planned economy?
A)Consumers vote with their dollars thus guiding resources to produce what the society wants.
B)Government sets the prices.
C)The government decides how much of each good should be produced.
D)All of these statements are characteristics of centrally planned economy.
Answer: A
Q2) Market failure means that
A)the law of supply and demand has stopped functioning.
B)our resources are not allocated efficiently.
C)the stock market has crashed.
D)prices are no longer reliable indicators of how much things cost.
Answer: B
Q3) Raising taxes on gasoline __________ the price of gasoline and __________ the number of gallons purchased.
Answer: raises;lowers
Q4) The __________________ traces the flow of money,resources,and goods and services through the economy.
Answer: circular flow model
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Chapter 4: Supply and Demand
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Sample Questions
Q1) What happens to quantity demanded when price is lowered?
A)It rises
B)It falls
C)It stays the same
D)It cannot be determined if it rises,falls,or stays the same
Q2) __________________ states that price and quantity demanded are inversely related.
A)The law of supply
B)Market equilibrium
C)The law of demand
Q3) It is necessary to ration a good whenever ___________ exists.
A)a surplus
B)excess demand
C)excess supply
D)None of these choices are correct.
Q4) Rent control is a price _____.
Q5) When supply falls and demand stays the same,
A)equilibrium quantity rises.
B)equilibrium quantity falls.
C)equilibrium quantity stays the same.
Page 6
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Chapter 5: The Household Consumption Sector
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Sample Questions
Q1) According to ______________,if you suddenly won the lottery,you would spend only a small part of your winnings right away.
A)the paradox of thrift
B)the permanent income hypothesis
C)Thorstein Veblen's Theory of the Leisure Class
D)the theory of the multiplier
Q2) How much is saving?
Q3) How much is the APC when disposable income is $1200 billion?
Q4) Calculate MPC.
Q5) Which of the following would most likely cause consumption to increase?
A)The stock market crashes
B)A price ceiling is placed on the interest rate that credit card companies can charge
C)Inflationary expectations rise
D)The market for consumer durables becomes saturated
Q6) When disposable income rises,autonomous consumption __________.
Q7) Induced consumption is equal to total consumption minus ______________.
Q8) How much is induced consumption at a disposable income of 1000?
Page 7
Q9) How much is autonomous consumption when disposable income is $15 billion?
Q10) When disposable income is 2000,how much is consumption?
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Chapter 6: The Business Investment Sector
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Sample Questions
Q1) Investment includes
A)the purchase of stock options of Microsoft.
B)the purchase of software by an accounting firm.
C)the purchase of global positioning units for cruise missiles by the government.
D)the purchase of new chalk by a local school boarD.
Q2) When disposable income is $1 trillion,how much is savings?
Q3) Which statement is true?
A)Our capacity utilization rate is rarely over 75 percent.
B)Gross investment is generally negative.
C)The most important determinant of the level of investment is the expected profit rate.
D)None is true.
Q4) How much was the firm's net investment?
Q5) If a corporation has depreciation of $800 million and gross investment of $4 billion,how much is its net investment?
Q6) Gross investment will equal net investment when
A)depreciation is positive.
B)depreciation is negative.
C)depreciation is zero.
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Chapter 7: The Government Sector
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Sample Questions
Q1) Suppose Stockton earns $30,000 per year and Malone earns $60,000 per year.Which of the following statements is FALSE concerning their Social Security taxes?
A)Both will pay a Social Security tax.
B)Stockton will pay Social Security tax on all of his income.
C)Malone will pay Social Security tax on the majority of his income.
D)Stockton and Malone will pay the same Social Security tax rate on their incomes.
Q2) Which statement is false?
A)The federal government collects more in Social Security taxes than in personal income tax.
B)The federal government collects more in Social Security taxes than in corporate income tax.
C)The federal government collects more in personal income tax than in corporate income tax.
D)None is false.
Q3) The federal government has several economic roles;name three: (1)____, (2)_____ and (3)____.
Q4) The two largest sources of federal tax revenue are the _____ and the _____ tax.
Q5) A tax of $1,000 per person would make the federal income tax more ____.
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Chapter 8: The Export-Import Sector
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Sample Questions
Q1) The NAFTA agreement
A)was supported by most economists and people in the business community.
B)has NOT led to the loss of millions of U.S.jobs to Mexico.
C)has less economic integration than the European Union.
D)did not eliminate all internal tariffs among its three members.
E)All of the answers are true.
Q2) Which of the following European Union (EU)nations has not adopted the euro?
A)France
B)Great Britain
C)Germany
D)Italy
Q3) Our trade deficit in 2009 was _______.
Q4) Statement I: The European Monetary Union has the same number of members as the European Union.
Statement II: Twelve nations of the European Union have adopted the euro as a common currency.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Page 10
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Chapter 9: Gross Domestic Product
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Sample Questions
Q1) Find national income.
Q2) An increase in depreciation will do which of the following?
A)Increase GDP and leave NDP unchanged
B)Decrease NDP and leave GDP unchanged
C)Decrease GDP and leave NDP unchanged
D)Increase both GDP and NDP
Q3) For a given year,GDP includes the market value of the following:
A)stocks and bonds.
B)bartered goods.
C)services.
D)lanD.
E)second-hand cars.
Q4) Susan works for no compensation at the Ronald McDonald's house near a children hospital.Her work in included in the GDP as A)consumption.
B)government.
C)investment.
D)not includeD.
Q5) The per capita GDP was about $____________ and the GPI was about $_________ in 2009.
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Chapter 10: Economic Fluctuations, unemployment, and Inflation
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Sample Questions
Q1) A worker who has quit one job and is taking two weeks off before reporting to a new job is an example of
A)frictional unemployment.
B)structural unemployment.
C)cyclical unemployment.
D)disguised unemployment.
Q2) Structural unemployment is often caused by
A)the recessionary stage of the business cycle.
B)changes in economic organization and production which make some jobs and job skills obsolete.
C)new labor force entrants.
D)striking workers.
E)layoffs associated with seasonal slowdowns in construction and other industries.
Q3) Who would benefit from an increase in the Consumer Price Index (CPI)?
A)People on fixed incomes
B)Wage earners with no cost of living increases
C)People who owe other people money
D)People who save
Q4) Too many dollars chasing too few goods is a description of _____ inflation.
Page 12
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Chapter 11: Classical and Keynesian Economics
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Sample Questions
Q1) When the price level falls
A)aggregate demand shifts to the left.
B)all prices of individual goods and services decrease.
C)aggregate demand shifts to the right.
D)aggregate quantity demanded increases.
E)the interest rate will increase.
Q2) The classical theory of employment held that
A)total consumption would always equal total saving.
B)the savings of wealthy households would be borrowed and spent on consumer goods by poor households.
C)investment might either be less than,or greater than,saving.
D)the savings of households would all be borrowed and invested by businesses.
Q3) Curve XY represents ____________.
A)short-run aggregate demand
B)long-run aggregate demand
C)short-run aggregate supply
D)long-run aggregate supply
Q4) The centerpiece of classical economics is ____.
Q5) The classical economists believed that if saving exceeded investment,the ____________.
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Chapter 12: Fiscal Policy and the National Debt
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Sample Questions
Q1) If the MPC is .9,how much is the multiplier?
Q2) The effect on business of the crowding-out effect in the short run would be reflected by _____.
Q3) Statement I: Our national debt is larger than our GDP.
Statement II: The national debt is much greater than the size of any of the annual federal budget deficits run during the 1990s.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q4) Congress passed and the president signed deficit reduction packages of over $400 billion in the years ______ and _____.
Q5) After the end of the recession of 2001,it took _______ months for the economy to recover to full employment
A)9
B)15
C)39
D)48
Q6) An expansionary fiscal policy would consist of (1)_____ and/or (2)______.
Page 14
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Chapter 13: Money and Banking
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Sample Questions
Q1) A goldsmith with 100 gold coins in his safe and 100 receipts in circulation has a reserve rate of ________%.
Q2) The _____ demand for money is most sensitive to interest rate changes.
A)transactions
B)precautionary
C)speculative
Q3) The main way that banks create money is by _______;the main way that money is destroyed is when ______.
Q4) The nation's largest bank has assets over
A)$2.2 trillion.
B)$25 billion.
C)$250 billion.
D)$800 billion.
E)$1.8 trillion.
Q5) During a period of price stability our money supply performs
A)all of its jobs very well.
B)some of its jobs very well.
C)all of its jobs very poorly.
D)none of its jobs very poorly.
Q6) If you are really poor,often your only credit option may be _______________.
Page 15
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Chapter 14: The Federal Reserve and Monetary Policy
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Sample Questions
Q1) If Mellon Bank has demand deposits of $6 billion and excess reserves of $50 million,and the reserve requirement is 10%,the bank's actual reserves are
A)$550 million.
B)$600 million.
C)$650 million.
D)$1 billion.
E)$1.05 billion.
Q2) An increase in the required reserve ratio ____ excess reserves and _____ the money supply.
A)increases;decreases
B)decreases;increases
C)decreases;decreases
D)increases;increases
Q3) Which one of the following equations is correct?
A)Total reserves minus excess reserves equals required reserves.
B)Excess reserves minus required reserves equals total reserves.
C)Required reserves equals excess reserves divided by total reserves.
D)Total reserves equals excess reserves divided by required reserves.
E)Excess reserves plus outstanding loans equals total reserves.
Q4) The first law of banking is _____________________.
Page 16
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Chapter 15: A Century of Economic Theory
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Sample Questions
Q1) Which of the following is NOT a supply-side policy?
A)Decrease taxes
B)Cut government spending
C)Balance the budget
D)Increase government spending in response to a deflationary gap
E)Decrease entitlement programs
Q2) Milton Friedman concluded that we have never had a serious inflation that was not accompanied by __________.
Q3) Which of the following theories of expectations holds that individuals use all information available in forming expectations?
A)Rational expectations theory
B)Certainty equivalent theory
C)Expected value analysis
D)Adaptive expectations theory
E)Economic behaviorists
Q4) The classical quantity theory of money is based on
A)exchange rate theory.
B)Say's law.
C)the equation of exchange.
D)Keynesian theory.
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Chapter 16: Economic Growth and Productivity
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Sample Questions
Q1) Compared to China,our rate of savings is _____ and our rate of capital formation is
A)lower;lower
B)higher;higher
C)lower;higher
D)higher;lower
Q2) Which statement is true?
A)Because of their large populations,India and China have relatively high per capita GDPs.
B)The only way to industrialize is to build up capital in the form of new plant and equipment.
C)The NICs have the highest per capita GDPs in the world.
D)We find GDP per capita by dividing GDP into population.
E)None of the statements are true
Q3) In the 1970s and 1980s our productivity
A)Increased at an increasing rate.
B)Increased at a decreasing rate.
C)Stayed about the same.
D)DecreaseD.
Q4) Almost _____% of the U.S.population is trapped in a permanent underclass.
Page 18
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Chapter 17: Demand,supply,and Equilibrium
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Sample Questions
Q1) At equilibrium,price ________ is equal to ________.
Q2) A shift in the supply curve for gasoline in the United States would result if
A)significantly more people decided to use mass transit rather than travel by automobile.
B)the price of gasoline increased.
C)the price of automobiles fell dramatically.
D)None of the choices are correct.
Q3) A drop in the price of oil will result in
A)an increase in the demand for oil.
B)a decrease in the demand for oil.
C)an increase in the quantity of oil demanded.
D)a decrease in the quantity of oil demanded.
E)both an increase in the demand and an increase in the quantity demanded.
Q4) A rightward shift of the entire supply curve
A)is an increase in supply.
B)might be due to a positive change in technology.
C)might be due to a decrease in the cost of labor.
D)might be due to an increase in the number of sellers.
E)all of the choices are correct.
Q5) A change in the cost of production will generally prompt a change in _________.
Page 19
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Chapter 18: The Price Elasticities of Demand and Supply
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Sample Questions
Q1) The imposition of an excise tax on a service will _____ the supply of that service.
Q2) The more time a buyer has to purchase a product,the more ________ the buyer can find and,therefore,the more _________ the good becomes.
Q3) Assume the Cookie Monster,who eats only cookies,has an income of $200 a week and that the price of a cookie is $2.If the price doubles,he cuts his consumption in half.How much is his elasticity of demand for cookies?
Q4) Statement I: A perfectly inelastic demand curve and a perfectly elastic supply curve are represented the same way on a graph.
Statement II: A perfectly elastic demand curve and a perfectly elastic supply curve are represented the same way on a graph.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q5) As the elasticity of demand falls,the tax burden is shifted from the _____ to the ____.
Q6) When demand is perfectly elastic the entire tax burden falls on the ____.
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Page 20
Chapter 19: Theory of Consumer Behavior
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Sample Questions
Q1) Alfred Marshall discovered the concept of A)utility.
B)consumer surplus.
C)diminishing marginal utility.
D)the diamond-water paradox.
Q2) Statement I: A person's marginal utility can be positive,zero or negative.
Statement II: As people buy more of the same product,their consumer surplus falls.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q3) The difference between what you pay for some good or service and what you would have been willing to pay is called _______________________.
Q4) Marginal utility is the ______________.
Q5) If you bought eight pairs of shoes,the marginal utility of the seventh pair was A)greater than the price.
B)equal to the price.
C)less than the price.
Q6) A person who bought four hotdogs would be enjoying a __________________.
Page 21
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Chapter 20: Cost
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Sample
Questions
Q1) George and Dick's used car lot has a total revenue of $5 million,fixed costs of $8 million,and variable costs of $6 million.In the short run the firm will _______,and in the long run it will _______.
A)shut down;go out of business
B)shut down;stay in business
C)operate;stay in business
D)operate;go out of business
Q2) Which is most clearly a variable cost?
A)Rent
B)Insurance premiums
C)Salaries of employees under long-term contract
D)Interest payments
E)Wages of production workers
Q3) Negative returns set in with the _____ worker.
Q4) If a firm is operating beyond the minimum point of its ATC curve,then marginal cost is
A)greater than ATC and rising.
B)greater than ATC and falling.
C)less than ATC and rising.
D)less than ATC and falling.
Page 22
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Chapter 21: Profit, loss, and Perfect Competition
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Sample Questions
Q1) Which statement is true?
A)The firm's short-run supply curve is longer than the firm's long-run supply curve.
B)A firm will always try to produce at its most efficient output.
C)The break-even point is usually above the shutdown point.
D)A firm will always produce at least some output when marginal cost = marginal revenue.
Q2) To obtain economic profits we start with accounting profits and subtract __________.
Q3) Statement I.The perfect competitor is a price-taker,not a price-maker.
Statement II.The dividing line between many and few is 100.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q4) The firm's most efficient level would be
A)100 units.
B)140 units.
C)160 units.
D)200 units.
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Chapter 22: Monopoly
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Sample Questions
Q1) When marginal revenue is equal to marginal cost,the monopolist
A)should increase output to maximize profits
B)will maximize profits or minimize losses
C)will produce where price = ATC
Q2) If the marginal cost were $13,how many units of output would this firm produce?
A)1
B)2
C)3
D)4
E)5
Q3) An industry that realizes such large economies of scale in producing its product that single-firm production of that good or service is most efficient is called a(n)
A)fixed cost monopoly.
B)patent monopoly.
C)economies of scale monopoly.
D)natural monopoly.
Q4) The CEO compensation as a multiple of average employee compensation for 2000 in the United States was over _______ times.
Q5) A monopoly faces the entire ___________ schedule of an industry.
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Chapter 23: Monopolistic Competition
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Sample Questions
Q1) Which is the most accurate statement?
A)In monopolistically competitive industries there are generally too many firms.
B)One of the main problems with monopolistic competition is the lack of variety among goods and services.
C)Most firms in the United States are monopolistic competitors.
D)The biggest problem with monopolistic competition is over-differentiation.
Q2) In the long run the monopolistic competitor will be ____________.
A)making a profit
B)taking a loss
C)breaking even
D)None of the choices are correct.
Q3) This profit-maximizing (loss-minimizing)firm charges a price of ______.
A)$35
B)$40
C)$45
D)$55
Q4) Perfect price discrimination would eliminate consumer ________________.
Q5) The monopolistic competitor is ___________ efficient than the perfect competitor.
Page 25
Q6) A monopolistic competitor takes a loss only in the _____________.
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Chapter 24: Oligopoly
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Sample Questions
Q1) Which statement is true?
A)Most oligopolies operating in the U.S.are in the middle of the competitive spectrum.
B)There is general agreement about the degree of competition in any given industry.
C)Most oligopolies operating in the U.S.are at or near the cutthroat competition end of the competitive spectrum.
D)It is hard to place American industry on the competitive spectrum because different industries have different competitive situations.
Q2) A cutthroat competitor will not lower their price because they believe that A)their competitors will lower their prices too.
B)their competitors will raise their prices.
C)they will lose money.
D)they will be accused of unfair competition.
Q3) Which of the following would hold true for all oligopolies?
A)Oligopolies sell a differentiated product
B)Oligopolies sell a large share of the market
C)Oligopolies face a horizontal demand curve
D)Oligopolies sell a product for which there are no close substitutes
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Chapter 25: Corporate Mergers and Antitrust
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Sample Questions
Q1) In the U.S.Steel case,the Supreme Court
A)broke up the company because it was big.
B)applied the rule of reason.
C)applied the 60% rule.
D)determined that the company had violated the Sherman Antitrust Act.
Q2) The Justice Department brought suit against Microsoft contending ___________.
A)the company forced PC makers to take Internet Explorer as a condition of licensing Windows
B)the company's growing market power enabled them to crush competitors
C)the merger with Netscape's browser,Navigator,was in violation of Microsoft's consent decree
D)None of the choices are correct.
Q3) There was (were)just _____ $100 billion merger(s)in U.S.history.
Q4) A merger between Bank of America and Citibank would be a ____ merger.
Q5) A firm that does business in many different countries is called a
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Chapter 26: Demand in the Factor Market
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Sample Questions
Q1) If the wage rate were $30,how many workers would be hired?
A)3
B)4
C)5
D)6
E)7
Q2) Is the firm a perfect competitor or an imperfect competitor?
Q3) If the MRP of an acre of land were $1,000 and its rent were $500,
A)more land is being used than should be used.
B)exactly the right amount of land is being used.
C)not enough land is being used.
D)only half as much land is being used as should be used.
Q4) A technological advance that increases the marginal product of labor will
A)decrease the demand for labor.
B)increase the supply for labor.
C)decrease the supply for labor.
D)increase the demand for labor.
Q5) How many workers would the firm hire if the wage rate were $700?
Q6) How much of a resource a firm will purchase depends on three things: (1)_______, (2)_________;and (3)_________.
Page 28
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Chapter 27: Labor Unions
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Sample Questions
Q1) In which one of these years was labor union membership the highest?
A)1940
B)1960
C)1980
D)1990
Q2) The labor supply curve of an inclusive union is perfectly ______.
Q3) The National Labor Relations Act (or Wagner Act)was passed in A)1900. B)1920. C)1935. D)1950. E)1965.
Q4) There are currently about _______ million Americans who are members of labor unions.
Q5) If all professional baseball teams collude to reduce the wages paid to players,they are acting as A)a pure monopsony.
B)a pure monopoly. C)a labor union.
D)a pure oligopoly.
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Chapter 28: Labor Markets and Wage Rates
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Sample Questions
Q1) An effective minimum wage is set
A)above the equilibrium level.
B)below the equilibrium level.
C)at the equilibrium level.
Q2) Markets in which a handful of top performers command the lion's share of total rewards has been called ____________________ markets by authors Robert Frank and Phillip Cook.
Q3) Compared to 1973,real wages are about _____% _______ (higher/lower).
Q4) Today a college graduate earns about $____ while a high school graduate earns about $_____.
A)70,000;24,000
B)53,000;32,000
C)53,000;24,000
D)70,000;32,000
Q5) Which statement is false?
A)Germany pays higher manufacturing wage rates than the U.S.does.
B)The United States pays the highest manufacturing wage rates in the world.
C)Both Britain and Norway pay higher manufacturing wage rates than the United States.
D)None of the statements are false.
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Chapter 29: Rent, interest, and Profit
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Q1) Which is the most accurate statement?
A)Fringe and sub-prime lending should be outlawed.
B)Poor people cannot get loans in the United States.
C)Payday lenders like the Military Financial Network make low interest loans to our military personnel.
D)When poor people get personal loans,they usually pay much higher interest rates than the average American.
Q2) Which statement is true?
A)The most important factor affecting rent is location.
B)The rent on a particular piece of land is based on the buildings located on that land.
C)Rent on marginal land is very high.
D)The rent on a particular piece of land never changes.
Q3) What is the present value of $10,000 8 years from now if the interest rate is 8%?
Q4) How much would the interest rate be if there was no usury law?
Q5) Usury laws lead to a ________________ of loanable funds.
Q6) According to Karl Marx,surplus value is created when the capitalist ________________.
Q7) During biblical times charging interest was _____________________.
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Chapter 30: Income Distribution and Poverty
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Q1) The lowest two-fifths of our population receives about _______% of our total income.
A)5
B)9
C)12
D)18
E)25
Q2) Lorenz curves tell us about the
A)absolute distribution of income.
B)poverty line.
C)incidence of malnutrition.
D)relative distribution of income.
E)inverse relationship between price and the quantity demanded.
Q3) Which statement are true?
A)There are at least a dozen different theories of poverty.
B)The liberals and conservatives are in basic agreement about the causes of poverty.
C)The liberals and conservatives are in basic agreement about how to solve the poverty problem.
D)None of the statements is true.
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Chapter 31: International Trade
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Q1) Which statement is false?
A)Our 2009 trade deficit with Japan was the highest deficit ever recorded with any one country.
B)Our trading position with Japan is very much like a colony and a colonial power.
C)Japan had an economic revival in the 1950s and 1960s largely by targeting the American consumer market.
D)If we eliminated our trade deficits with Japan and China,we would still be running a trade deficit.
Q2) Limits on the quantity of a foreign good that can be imported into the domestic market are
A)import capacity limits.
B)import quotas.
C)tariffs.
D)export quotas.
Q3) What is the domestic exchange equation of Germany?
Q4) If Germany can make compact cars more efficiently than Russia,it enjoys
A)a comparative advantage.
B)an absolute advantage.
C)no advantage.
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Chapter 32: International Finance
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Q1) If the dollar was initially valued at 20 rubles and its value rises to 23 rubles,then the value of a ruble (in terms of dollars)has ____________.
Q2) If the foreign exchange rate is $1 is equivalent to 5 Swiss francs,then 1 Swiss franc is worth
A)$5.
B)50 cents.
C)20 cents.
D)5 cents.
Q3) The demise of the gold standard led to
A)more international trade.
B)greater and greater devaluation.
C)freely floating exchange rates.
Q4) The market in which the currency of one country is traded for the currency of another country is called
A)the futures market.
B)the commodities market.
C)the foreign exchange market.
D)the international trade market.
Q5) Most of the world's nations went off the gold standard in the year _________.
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