According to the information in the table shown, if someone were earning $30,000 in the United States, approximately what would they have to earn in China to have the same standard of living?
This table shows the price-level adjustment as compared to the United States.
A. $40,000
B. $7,500
C. $22,500
D. $15,000
C. $22,500
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Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The price the consumer pays for the product after the tax is imposed on the buyer is
A. $7. B. $3. C. $8. D. $5.
If the monetary base does not change and the desired reserve ratio increases, the money multiplier ________ and the quantity of money ________
A) increases; decreases B) decreases; decreases C) increases; increases D) decreases; does not change E) decreases; increases
A monopolistically competitive firm always faces a(n) ________
A) horizontal demand curve B) vertical demand curve C) upward sloping demand curve D) downward sloping demand curve
The assumption that preferences are complete:
A) means that a consumer will spend her entire income. B) is unnecessary, as long as transitivity is assumed. C) recognizes that there may be pairs of market baskets that cannot be compared. D) means that the consumer can compare any two market baskets of goods and determine that either one is preferred to the other or that she is indifferent between them.