. In what year did the U.S. inflation rate drop drastically to close to –11%?
a. 1917
b. 1921
c. 1929
d. 1945
b. 1921
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The graph shown demonstrates a tax on buyers. Once the tax has been imposed, the sellers produce ________ units and receive ________ for each one sold.
A. 6; $34 B. 9; $18 C. 9; $30 D. 6; $22
The situation in which buyers are able to affect the price of a good is referred to as ________ power
A) monopoly B) purchasing C) monopsony D) countervailing
What happens to the MP of labor when the market price of the good produced increases?
a. Increases proportional to price. b. Decreases proportional to price. c. Stays the same. d. Falls because quantity demanded falls.
If a basket of goods costs $10 in the United States and 100,000 rubles in Russia, then purchasing power parity will exist if the exchange rate between the ruble and the dollar is:
A. 0.1 dollars per ruble. B. 1,000 rubles per dollar. C. 0.01 dollars per ruble. D. 10,000 rubles per dollar.