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- 15. Why do exchange rates frequently violate the theory of PPP? To what extent does this diminish the theory's usefulness for understanding exchange rate determination?8. All exchange rates change over time due to economic circumstances a. True b. FalseWhy would a nation “dollarize”—that is, adoptanother country’s currency instead of having its own?
- why efficient payments important to the economy?What effect would a devaluation of a country's currency most likely have on its export volumes? A. Export volumes would decrease, as goods become more expensive in foreign markets. B. Export volumes would increase, as goods become cheaper in foreign markets. C. Export volumes would remain unchanged, as currency value does not affect trade. D. Export volumes would initially decrease, but then increase over time due to adjustments in trade agreements.What's are the factor to consider during exchange of currency.?
- What is the distinction that Marx draws between use value and exchange value?3. There is a group of economists who argue that the US should return to what’s called a “gold standard”. According to this policy approach, the dollar price of gold is always kept the same, so that we can think of the prices of goods and services as really being denominated in ounces of gold. In this problem, you’ll do a simple calculation that suggests possible problems with this approach. a. Using FRED, calculate how much the dollar price of an ounce of gold rose (in percentage terms) from December 2007 to December 2010. b. Using FRED, calculate how much the Consumer Price Index (CPI) rose (in percentage terms) from December 2007 to December 2010. c. How did the price of the CPI bundle of US goods and services, expressed in terms of ounces of gold, rise or fall (in percentage terms) from December 2007 to December 2010? d. Suppose that the US had been on the gold standard from December 2007 to December 2010, so that prices of goods and services were denominated in terms of ounces of…Explain specifically how a microeconomic concept you learned in Economy be applied to your everyday experience. (Concepts include opportunity cost, elasticity, marginal costs / benefits) What are some differences between the gift economy and the exchange economy