PPP is the acronym for:
A. producer purchasing power.
B. purchasing power parity.
C. producer power parity.
D. purchasing price power.
B. purchasing power parity.
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Refer to the table above. If the market for notebooks is perfectly competitive, the equilibrium quantity is:
A) 2 units. B) 3 units. C) 4 units. D) 5 units.
Refer to Table 2-20. If the two countries specialize and trade, who should export wristwatches?
A) Japan B) There is no basis for trade between the two countries. C) Thailand D) They should both be importing wristwatches.
Policies that redistribute income
A. increase economic efficiency. B. increase income inequality. C. decrease incentives to earn high income. D. decrease compensating wage differentials.
Suppose that at a price of 25 cents per orange, 500 consumers each demand 4 oranges, and at a price of 20 cents per orange, 750 consumers each demand 5 oranges. Therefore, the market demand for oranges is ________ at a price of 25 cents per orange and ________ at a price of 20 cents per orange.
A. 1,250; 1,500 B. 4; 5 C. 2,000; 3,750 D. 500; 750