Which of the following provides a longer run measure of the exchange rate?
a. purchasing power parity (PPP)
b. exchange rate
c. GDP per capita
d. GDP
a. purchasing power parity (PPP)
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Figure 3.2 shows the total cost and total benefit curves for a professional guitarist. If the guitarist is currently practicing 1 hour per day, then:
A. she should practice more because net benefits would increase. B. she should practice less because net benefits would decrease. C. she should practice less because net benefits would increase. D. she should practice more because net benefits would decrease.
When social and private costs differ, economists state that
A) there will be economic profit in the society. B) the society will produce inside the production possibilities frontier. C) there is an externality. D) there is not an efficiency problem but an equity problem.
The voluntary export restraints on autos by Japan in the early 1980s were:
A. unlike a tariff and did not affect the price of imports. B. prohibited by the WTO. C. a bad deal for the U.S. consumers. D. unlike an import quota and did not affect the price of cars imported.
If a 10 percent increase in the price of one good A results in an increase of 5 percent in the quantity demanded of another good B, then it can be concluded that the two goods A and B are:
A. Complementary goods B. Substitute goods C. Independent goods D. Normal goods