If the price of a hot dog is $2 and the price of a hamburger is $4, then the
A) relative price of a hot dog is 1/2 of a hamburger per hot dog.
B) money price of a hot dog is 2 hamburgers per hot dog.
C) relative price of a hamburger is 1/2 of a hot dog per hamburger.
D) money price of a hamburger is 2 hot dogs per hamburger.
A
You might also like to view...
According to the wealth effect, if real wealth decreases then people
A) decrease their consumption expenditure. B) increase their consumption expenditure. C) do not respond if their nominal wealth does not change. D) decrease their consumption expenditure only if their nominal wealth also decreases.
Big Alice Ice Cream Parlor reduced its price of an ice cream cone from $1 to 90 cents. Sales consequently increased from 1,000 cones per week to 1,050 cones per week. The approximate price elasticity is
A. 0.20. B. 0.46. C. 2.16. D. 5.00.
Which of the following will result in an increase in the output of a nation?
a. A decrease in exports b. A decrease in investment spending c. A decrease in interest rates d. A decrease in consumption
Public education in the United States is
A. paid for through the Social Security program. B. paid for mostly by the parents of students. C. subsidized mainly by state and local governments. D. funded by the federal government only.