Purchasing power parity is used to estimate equilibrium:
A. inflation rates.
B. exchange rates.
C. price levels.
D. interest rates.
Answer: B
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According to Adam Smith, what is the primary source of a nation's wealth?
A. the amount of gold and silver in the government's possession B. a spirit of cooperation in which people share according to their means C. strong central planning authorities D. the people's ability to produce products and trade in free markets
A supply curve generally
a. is a straight horizontal line. b. is a straight vertical line. c. slopes downward to the right. d. slopes upward to the right.
Why would a firm rather a company like J.D. Power (which provides product satisfaction reviews) review its product than doing it within the firm?
A) J.D. Power provides less credibility. B) J.D. Power provides greater credibility. C) J.D. Power is more honest than the average firm. D) J.D. Power has a government monopoly in providing product satisfaction reviews.
If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.