If the price of good X is $50 and the price of good Y is $25, it follows that the relative price of one unit of good X is _____________ unit(s) of good Y
A) 1.00
B) 2.00
C) 0.75
D) 1.33
E) 0.50
B
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Bracket creep forces taxpayers to pay a larger percentage of their income in taxes when which of the following occurs?
(a) The emergence of high unemployment (b) Inflation (c) Deflation (d) The growth of trade deficit(s)
If a perfectly competitive firm's marginal revenue is $35,
a. the next unit sold will earn the firm less than $35 in revenue b. the next unit sold will earn the firm more than $35 in revenue c. the next unit sold will earn no more revenue d. its average revenue is $35 e. its demand curve will shift if more units are sold
Economist Alban William Phillips believed that: a. the Fed should follow a policy rule because it does not know the lag structure. b. the Fed should follow a policy rule to avoid monetary surprises
c. there is an inverse relationship between inflation and unemployment. d. private sector spending is inherently unstable. e. government spending is inherently unstable.
A monopolistically competitive firm faces a downward-sloping demand curve because there are few firms in the market
a. True b. False Indicate whether the statement is true or false