According to the 2009 hamburger standard, the country with the most undervalued currency relative to the United States dollar was
A. China.
B. Norway.
C. Australia.
D. Japan.
A. China.
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one kite is painting
A) 1/12 of a snowboard. B) 1/4 of a snowboard. C) 3 snowboards. D) 4 snowboards.
Consider baseball games and ballpark hotdogs. A significant increase in the price of baseball game tickets would tend to
A) increase the demand for ballpark hotdogs. B) decrease the demand for baseball game tickets. C) decrease the demand for ballpark hotdogs. D) increase the demand for baseball game tickets.
How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?
A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community. B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so. C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so. D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.
The fundamental cause of monopoly is
a. incompetent management in competitive firms. b. the zero-profit feature of long-run equilibrium in competitive markets. c. advertising. d. barriers to entry.