An MP3 player in Singapore costs 200 Singaporean dollars. In the U.S. it costs 100 US dollars. What is the nominal exchange rate if purchasing-power parity holds?
a. 2.0
b. 1.0
c. .50
d. None of the above is correct.
a
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The table above shows a nation's production possibilities frontier. The opportunity cost of a robot between combination D and E is
A) 1/4 of a pizza. B) 34 pizzas. C) 30 pizzas. D) 4 pizzas. E) undefined because neither point is production efficient.
According to economic theory, a person
A) wants to advance his or her own interests and will try to do it rationally. B) would not generate negative externalities if one has a properly-developed social conscience. C) acts in a profit-seeking way in the market process and in a social-seeking way in government processes. D) necessarily behaves as an individualist in markets and as a socialist in government.
A labor union is likely to seek all of the following EXCEPT
A) economic improvements for their members. B) safer working conditions. C) increased competitiveness in the labor market. D) increased job security for its members.
Which of the following illustrates an optimistic expectation of the people about the economy?
a. A movement to the right along the aggregate demand curve b. A rightward shift of the aggregate demand curve c. A leftward shift of the aggregate demand curve d. A movement to the left along the aggregate demand curve e. A flatter slope of the aggregate demand curve