Calculating exchange rate
10 US dollars are exchanged for 500 Indian rupees. Calculate the exchange rate for Indian currency? Answer: $1 = 500/10 = Rs.50, that is, $1 = Rs. 50
10 US dollars are exchanged for 500 Indian rupees. Calculate the exchange rate for Indian currency?
Answer: $1 = 500/10 = Rs.50, that is, $1 = Rs. 50
Definition of surplus: It is a condition in which quantity supplied is more than quantity demanded. To remove the surplus, producers will minimize the price till the market reaches to equilibrium.
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Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
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‘Must a country which is less proficient at generating all goods use import controls to decrease imports from additional countries?’
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