Refer to the figure above. The equilibrium exchange rate in this case is:
A) 40 rupees per dollar. B) 80 rupees per dollar.
C) 130 rupees per dollar. D) 20 rupees per dollar.
B
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”Peak” pricing can best be defined as
A. setting higher prices to reflect higher demand. B. pricing to obtain maximum profit. C. setting price higher when demand is more elastic. D. raising price to determine elasticity.
A payment that is made by the government for which no goods or services are given in return is known as
A) a public good. B) a transfer payment. C) a negative externality. D) a free rider.
The opportunity cost of moving from point a to point b in the above figure is ________
A) zero B) 3/2 pairs of socks per sweater C) 3 pairs of socks D) 2 sweaters
Economists assume people are motivated by
A) unlimited resources. B) pride. C) self-interest. D) social justice.