What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 50 dollars in New York and 100 Pounds in London?
A) 1.5 dollars per British pound
B) 0.5 dollars per British pound
C) 2.5 dollars per British pound
D) 3.5 dollars per British pound
E) 2 dollars per British pound
B
You might also like to view...
A Nash equilibrium occurs when each player in a game takes the ________ given the action of the other player
A) worst possible action for himself or herself B) best possible action for himself or herself C) most unpredictable possible action D) most mutually beneficial possible action E) best possible action for the other player
A linear demand for lake front cabins on a nearby lake is estimated to be: QD = 900,000 - 2P. What is the point price elasticity for lake front cabins at a price of P = $300,000? [HINT: Ep = (?Q/?P)(P/Q)]
a. EP = -3.0 b. EP = -2.0 c. EP = -1.0 d. EP = -0.5 e. EP = 0
One of the main tools used by economists to measure the actual distribution of income is the:
a. Lorenz curve. b. Golden Rule. c. MR = MC rule. d. MRP = MRC rule.
Which of the following would be included in a year's GDP?
a. Susan cleans the fuel injectors on her car. b. A private individual purchases 100 shares of IBM stock. c. A timber company purchases land in Oregon. d. A man buys an antique desk from his neighbor. e. A college professor purchases a new computer.