For which of the following would purchasing power parity have the least relevance?
a. Pens
b. Toothpicks
c. Paper clips
d. Pencils
e. Shoe shines
E
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While you were an intern you bought 5 packages of hot dogs a month. After acquiring a full-time job with a considerable higher salary, you stopped purchasing hot dogs. For you, hot dogs are
a. Complementary good b. Normal good c. Inferior good d. Substitute good
Most markets in the economy are
a. markets in which sellers, rather than buyers, control the price of the product. b. markets in which buyers, rather than sellers, control the price of the product. c. perfectly competitive. d. highly competitive.
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are efficient.
A. W, X, Y, Z, V, and T B. T and U C. X, Y, and Z D. W, X, Y, Z, and V
For a fixed percent reduction in pollution emissions to be economically efficient, it would have to be the case that
A. enforcement is vigorous. B. the marginal cost of pollution control is the same across all firms. C. all firms be the same size. D. large polluters reduce emissions by more than small polluters.