How many dollars would it cost to buy an Edinburgh Woolen Mill sweater costing 50 British pounds if the exchange rate is 1.25 dollars per one British pound?
A) 50 dollars
B) 60 dollars
C) 70 dollars
D) 62.5 dollars
E) 40 British pounds
D
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The market for used cars is not considered perfectly competitive because:
A. there is complete information. B. the buyers are not price takers. C. the good is standardized. D. there are always very low transaction costs.
Invention cannot be successful financially if price is
a. greater than marginal cost because invention is based largely on social costs. b. greater than marginal cost because invention is based solely on external costs. c. equal to marginal cost because invention is based largely on variable costs. d. equal to marginal cost because invention is based largely on fixed costs.
One reason we need government, even in a market economy, is that
a. there is insufficient market power in the absence of government. b. property rights are too strong in the absence of government. c. the invisible hand is not perfect. d. Both a and b are correct.
Compared to Western Europe, over the last three decades unemployment in the United States is ________ and the rate of job creation is ________.
A. higher; faster B. lower; faster C. lower; slower D. higher; slower