Assume That the Supply of Foreign Production Is Perfectly Inelastic

question 4

Multiple Choice

Assume that the supply of foreign production is perfectly inelastic.If the dollar is devalued then the total import value in dollars will:

• A) Increase
• B) Decrease
• C) Stay the same
• D) Uncertain

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Definitions:

Authority

The right or power assigned to an individual or organization to make decisions, command resources, or enforce rules within a specific context.

Open System

A concept in organizations and their management indicating that an organization interacts with its environment through the exchange of information, energy, or resources.

Inputs and Outputs

Refers to the materials, information, or people that enter a system (inputs) and the results or products that come out of it (outputs).

Coordination of Effort

The organisation of individual and group efforts in a way that maximizes efficiency and achievement of common goals.