Liberty University ECON 214 Exam 4 · Question 1 2 out of 2 points The two types of monetary policy are: · Question 2 2 out of 2 points An agreement by one country to limit the volume of exports to another country is known as a(n): · Question 3 2 out of 2 points The following table shows the number of U.S. dollars required to buy one Mexican peso and the number of U.S. dollars required to buy one Japanese yen between January 1, 2013, and April 1, 2013. Use this table to answer the questions that follow: On March 1, 2013, the price of a jar of pickles was 135 Mexican pesos at a supermarket in Juarez, Mexico. Based on the exchange rates quoted in the table, the price of the jar of pickles was approximately _____________ U.S. dollars. · Question 4 2 out of 2 points According to the theory of monetary neutrality, in the long run: · Question 5 2 out of 2 points When a foreign supplier sells a good below the price it charges in its home country, this is called: · Question 6 2 out of 2 points The following table shows the number of U.S. dollars required to buy one British pound between September 3, 2012, and April 1, 2013. Use this table to answer the questions that follow: On November 1, 2012, the price of a skateboard at JJs Beach Shop was 120 U.S. dollars in La Jolla, California. On April 1, 2013, the price of a skateboard was 130 U.S. dollars. Using the exchange rates in the table, between November 1, 2012, and April 1, 2013, the price of a skateboard at JJs Beach Shop increased by approximately ___________ in terms of U.S. dollars and ____________ in terms of British pounds. (Round the British pound price two decimal points and the percentage changes to the first decimal point.) · Question 7 0 out of 2 points Currency ___________ occurs when a currency increases in value relative to other currencies. · Question 8 2 out of 2 points Which of the following explains why resource prices are often the slowest prices to adjust? · Question 9 2 out of 2 points One argument for trade restriction focuses on new industries. It can be summarized in the following manner: · Question 10 2 out of 2 points Use the following scenario to answer the questions that follow: Amy can produce either 5,000 pounds of cheese or 20 houses per year. Jim can produce either 5,000 pounds of cheese or 10 houses per year. Amys opportunity cost of producing one pound of cheese is _____________ house(s). · Question 11 2 out of 2 points Citizens can consume the largest quantities of goods and services in which of the following situations? · Question 12 2 out of 2 points The following table shows the number of U.S. dollars required to buy one euro between September 3, 2012, and April 1, 2013. Use this table to answer the questions that follow: Between February 1, 2013, and April 1, 2013, the U.S. dollar ___________ against the euro, and the euro ____________ against the U.S. dollar. · Question 13 2 out of 2 points If the Bank of Japan (the Japanese central bank) were to take steps to devalue the yen in foreign currency markets, ____________, which would cause Japanese real gross domestic product (GDP) to increase in the short run. · Question 14 2 out of 2 points As the prices of goods and services decrease, the value of money: · Question 15 2 out of 2 points The arrows in Figures AD represent possible movements of the exchange rate (euros per U.S. dollar) and the quantity of U.S. dollars buyers are willing and able to buy. Use these figures to answer the questions that follow: A deprecation of the euro against the U.S. dollar is represented by Figure ___________, and a depreciation of the U.S. dollar against the euro is represented by Figure _____________. · Question 16 2 out of 2 points The Federal Reserves response to the Great Recession was an attempt to: · Question 17 2 out of 2 points _______________________ would be hurt by unexpected inflation. · Question 18 2 out of 2 points Use the following scenario to answer the questions that follow: RayRa…
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