A dress manufactured in Hagen, Germany, costs 195 euros. What is the U.S. dollar value of the same dress if the exchange rate is $0.89 per euro?
a. $173.55
b. $165.43
c. $219.10
d. $187.61
e. $195.00
a
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The typical American family spends about ____ percent of its budget on goods and the remainder on services.
A. 22 B. 32 C. 66 D. 80
Refer to Scenario 18.1. What should the fishermen do if they know the factory will maximize profits and no negotiation is possible?
A) Install a treatment plant. B) Do not install a treatment plant. C) It makes no difference if the fishermen do or do not install a treatment plant. D) Install a filter. E) Exit the industry.
There are only two people in the world (Adam and Eve) and only one good (apples). Adam has four apples and a total utility in money terms from apple consumption of $16; Eve has four apples and a total utility from apple consumption of $20. Which of the following statements must be true?
A. Eve’s marginal utility from consuming her fourth apple must be greater than Adam’s marginal utility from consuming his fourth apple. B. The total utility of society will rise if Adam gives Eve one apple. C. If Adam and Eve each always has a positive marginal utility from consuming apples, the total utility of society can only be increased by an increase in the total number of apples available for consumption. D. Adam’s average utility from consuming apples is greater than Eve’s average utility from consuming apples.
For which of the following goods is the income elasticity of demand likely to be largest?
a. poultry products b. meals at restaurants c. lemonade d. used books e. paperback mystery novels