If the price in U.S. dollars for one Singapore dollar is 0.625 U.S. dollars, then the price in Singapore dollars for one U.S. dollar is:
a. 1.0 Singapore dollars.
b. 0.625 Singapore dollars.
c. 1.6 Singapore dollars.
d. 0.375 Singapore dollars.
e. 2.66 Singapore dollars.
c
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If a firm goes out of business because of negative economic profits, its books
A) might indicate a positive accounting profit. B) might indicate that opportunity costs were zero. C) might indicate that taxes are too high. D) might suggest a mistaken value of explicit costs.
A private good
A. Is provided most efficiently by the government. B. Is consumed by one person and excludes consumption by others. C. Experiences free riders. D. Results in market failure when provided in markets characterized by laissez faire.
In computing a price index,
A. the quantities in the market basket stay the same while the prices differ. B. the most recent year is always set equal to 1. C. both the quantities in the market basket and the prices change from year to year. D. the base year must be one for which the inflation rate was zero.
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward