If the price of papayas is 12 baht in Thailand and the exchange rate is 30 baht per dollar, then what is the dollar price of papayas?
A. $0.40
B. $2.50
C. $2.90
D. $26.00
Answer: A
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1, what changes in the market would result in an economically efficient output?
A) The price would increase, the quantity supplied would increase, and the quantity demanded would decrease. B) The price would increase, quantity demanded would increase, and quantity supplied would decrease. C) The quantity supplied would increase, the quantity demanded would decrease, and the equilibrium price would increase. D) The price would increase, the demand would increase, and the supply would decrease.
_________ inflation can be explained by an _________ shift in the aggregate _________ curve
a. Demand-pull, rightward, demand b. Cost-push, rightward, supply c. Demand-pull, leftward supply d. Cost-push, leftward, supply
Suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 1000 units of food and 47 machines. This year it experienced a technological advance in its machine-making industry. As a result, this year the society wants to produce 1050 units of food and 47 machines. Which of the following statements is
correct? a. Because the technological advance occurred in the machine-making industry, it will not be possible to increase food production without reducing machine production below 47. b. Because the technological advance occurred in the machine-making industry, increases in output can only occur in the machine industry. c. In order to increase food production in these circumstances without reducing machine production, the economy must reduce inefficiencies. d. The technological advance reduced the amount of resources needed to produce 47 machines, so these resources could be used to produce more food.
Refer to the table shown, which shows the demand schedule for a product sold by a monopolist. Marginal revenue is positive:Price of product($)Quantity demanded per year$143$124$105$86$67
A. when price is $10. B. when price is below $10. C. when price is above $10. D. for every price.