A Big Mac costs $4.00 in the United States and 9.00 reals in Brazil. If the exchange rate is 2 realsper dollar, what is the dollar cost of a Big Mac in Brazil?
A) $0.89
B) $2.25
C) $4.50
D) $8.00
Answer: C) $4.50
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Rob took the afternoon off from his job as a tire salesman to mow his lawn. Rob told his wife that this made sense because he would be saving the $50 he would have to pay a lawn service, noting that this would be the opportunity cost to the family. Rob’s wife disagreed. What did Rob’s wife say?
A. The opportunity cost would be Rob’s lost income from selling tires that afternoon plus the $50. B. The opportunity cost would be Rob’s lost income from selling tires that afternoon minus the $50. C. That Rob just wanted to take the afternoon off. D. The opportunity cost would be Rob’s lost income from selling tires that afternoon.
Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. Larry's real monthly income in terms of pizza is
A) 400 slices. B) $800. C) 200 slices. D) $400.
Third parties do not elect large numbers of candidates in democratic countries with majority rule elections
a. True b. False
Land, water, metals, and minerals are considered to be
a. non-scarce resources because they are "gifts of nature" b. free resources because they are "gifts of nature" c. manufactured resources because no resource is useable without labor d. natural resources that are "gifts of nature" e. renewable resources that are "gifts of nature"