When making income comparisons across countries, economists generally prefer to use
What will be an ideal response?
the purchasing parity method
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Under the IMF fixed exchange rate system, a nation running a balance of payments deficit would have an excess __________ its currency in the foreign exchange market and that nation's central bank would have to __________ some of its currency to
maintain the fixed exchange rate. A) supply of; buy B) supply of; sell C) demand for; buy D) demand for; sell
Which of the following is not a characteristic of a perfectly competitive market?
a. Firms are price takers. b. Firms have difficulty entering the market. c. There are many sellers in the market. d. Goods offered for sale are largely the same.
In Figure 2.1, Box 6 would be labeled
A. Q/t for quantity per unit of time. B. S for supply. C. P for price. D. P* for equilibrium price.
Refer to Figure 4.7. You will receive a payoff of 0 points if you ask for points and so do ________ of your classmates
A) 0 B) 6 C) 12 D) none of the above