What is the domestic exchange equation of Portugal?
3 bottles of wine = 2 pairs of shoes
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The above figure shows the demand curve for dollars in the yen/dollar exchange market. A movement from point A to point B means that the
A) quantity supplied of dollars has increased. B) quantity demanded of dollars has increased. C) quantity demanded of dollars has decreased. D) quantity demanded of yen has decreased.
The above table gives some cost data for Peter's Pickles. Peter's fixed cost is $20. The marginal cost of increasing output from 3 to 4 barrels of pickles is
A) $25. B) $75. C) $20. D) $50.
Data on the relationship between the percentage of the workforce unionized and the share of national income allocated to labor suggest that unionization has
a. greatly altered the labor-capital distribution of national income. b. increased the share of national income allocated to labor. c. had a positive effect on the wages of nonunion workers. d. had no significant impact on the share of income going to labor.
When many substitutes exist for a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) perfectly unit-elastic.