Suppose the current exchange rate between the Mexican peso and the U.S. dollar is 12 pesos = $1
Mexico's GDP in dollars would be greater if the purchasing power parity exchange rate was used to convert pesos to dollars if you could buy the same goods in the United States with ________ as you can in Mexico with ________. A) $1; 12 pesos
B) $10; 150 pesos
C) $100; 900 pesos
D) $1,000; 20,000 pesos
C
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A. trade deficit. B. expansion. C. deflation. D. inflation.
A United States government patent lasts
A) forever. B) 50 years. C) 20 years. D) 7 years.
If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's consumers end up
A) paying a higher price for the good than they otherwise would. B) paying a lower price for the good than they otherwise would. C) consuming more of the good than they otherwise would. D) having a higher standard of living than they otherwise would.
Refer to the above figure. The above figure shows the cost structure of a firm producing an information product. Which curve represents average fixed cost?
A. Curve 1 B. Curve 2 C. Curve 3 D. Any of the 3 could be AFC.