If the cost of a typical basket of goods in the U.S. is $100 and in China it is 500 yuan, and the nominal exchange rate is 10 yuan per dollar, what is the real exchange rate?
A. 1.
B. 2.
C. 3.
D. 4.
B. 2.
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Social Security Income (SSI) is available for all, except
A. aged. B. immigrants. C. blind. D. disabled.
Trade, whether between individuals or nations, will not take place unless
A. there is one commodity and one currency. B. at least one participant expects to gain from the trade. C. both participants expect to gain from the trade. D. each side has an absolute advantage.
Which of the following statements correctly characterizes the distribution of colonial wealth?
a. Colonial wealth was distributed equally across the population. b. While the distribution wealth was highly concentrated in the South, New England , the Middle colonies had very equal wealth distributions. c. Wealth inequality tended to be greatest in colonial cities. d. A permanent underclass of free poor people developed during the colonial period.
The production possibilities frontier represents the boundary between attainable and unattainable prices of commodities
a. True b. False