Assume that at the beginning of 2012, one dollar could be traded for 5 yuan. If in 2013 one dollar was being traded for 6 yuan, it can be concluded that:
A) the dollar appreciated against the yuan and the yuan depreciated against the dollar in 2013.
B) the real exchange rate changed in 2013 assuming PPP holds.
C) the nominal exchange rate did not change in 2013.
D) the dollar depreciated against the yuan and the yuan appreciated against the dollar in 2013.
Question 2
Suppose that for a given firm, the increase in output resulting from the last worker hired is less than the increase in output of the previous worker hired. This is an example of
A) increasing return. B) capital deepening.
C) diminishing returns. D) constant returns.
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