The number of Mexican pesos required to buy the same number of goods and services in Mexico as one U.S. dollar buys in the United States is a description of the ________ exchange rate
A) actual
B) real
C) purchasing power parity
D) chain-weighted
C
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The figure above shows the costs for the typical grower in the perfectly competitive turnip market. Currently, the price is $1,000 for a ton of turnips. In the long run, the market supply of turnips will ________
A) decrease and the price of a ton of turnips will fall to $600 B) increase and the turnip grower's economic profit will increase C) increase and the turnip grower's economic profit will decrease D) decrease and the price of a ton of turnips will rise to $1,200
A leftward shift of a supply curve represents a decrease in supply
a. True b. False
Which of the following statements best demonstrates the constraints under which individual consumers and society as a whole operate?
a. Only the individual opportunity set (or budget constraint) demonstrates the constraints under which individual consumers and society as a whole operate. b. Only the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. c. Neither the individual opportunity set (budget constraint) nor the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. d. Both the individual’s opportunity set (and budget constraint) and the social production possibilities frontier show the constraints under which individual consumers and society as a whole operate.
Major league baseball players get paid more than minor league baseball players because of
a. compensating differentials. b. higher levels of educational attainment. c. greater abilities. d. All of the above are correct.