Suppose the price of gold is $300 per ounce in the United States and 2,400 pesos per ounce in Mexico. If purchasing power parity holds then, if the price of oil is 200 pesos per barrel in Mexico, the price of oil is ________ per barrel in the United States.
A. $80
B. $36
C. $1,600
D. $25
Answer: D
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Fill in the blank: Your authors argue that focusing on the market as a ________ process helps to better explain the haggling and negotiation activities, which are at the core of our production and consumption plans in the real world
A) monopolized B) oligopolized C) perfectly competitive D) competitive
During a period of deflation the purchasing power of the dollar _____.
Fill in the blank(s) with the appropriate word(s).
Economic costs of production differ from accounting costs in that
A) economic costs include expenditures for hired resources while accounting costs do not. B) accounting costs are always larger than economic cost. C) accounting costs include expenditures for hired resources while economic costs do not. D) economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.
Which of the following antebellum banking innovations was the forerunner of the modern Federal Deposit Insurance Corporation (FDIC)?
a. the Suffolk System b. the Safety Fund Act c. the Forstall System d. the bimetallic standard