Making international comparisons of purchasing power is:
A. generally a straightforward comparison.
B. complicated by trying to define a "typical" consumer.
C. only hard when attempting to figure out the true purchasing power of the poor.
D. All of these statements are true.
B. complicated by trying to define a "typical" consumer.
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If you left $2,500 on deposit with a bank promising to pay you a 6 percent compound annual rate of interest, then after 50 years your deposit would be worth approximately:
A. $2,800 B. $46,050 C. $250,750 D. $18,420
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
There are currently N identical firms in a market. If it is a perfectly competitive market, the short-run market supply curve at any given price is
A) N times the supply of an individual firm. B) N - 1 times the supply of an individual firm. C) N plus the supply of an individual firm. D) It cannot be determined from the information provided.
The world price of a commodity will settle at the level where a. supply and demand are equal within each country
b. the excess demand of the importing country is just equal to the excess supply of the exporting country. c. the excess demand in the exporting country is equal to the excess demand in the importing country. d. there is no excess demand in the exporting country.