When the People Involved in an Exchange Are from Countries

question 25

Multiple Choice

When the people involved in an exchange are from countries that use different currencies, an intermediate asset transaction has to take place:

• A)the seller must convert her currency into the currency that the buyer uses and accepts.
• B)the buyer must convert her currency into the currency that the seller uses and accepts.
• C)the buyer and seller should engage in barter trade.
• D)both buyer and seller should exchange their currencies to gold.

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Definitions:

Job Security

The probability that an individual will keep their job; a high level of job security implies a low likelihood of losing one's job.

Unions

Organizations formed by workers to collectively bargain for better wages, benefits, and working conditions with their employers.

Strikes

A work stoppage caused by the mass refusal of employees to work, typically to enforce demands upon their employer.

Wagner Act

A foundational piece of US labor law established in 1935 that guaranteed workers the right to form unions and engage in collective bargaining.