According to the World View article that compares GDP per capita figures for several nations, which of the following nations has the highest GDP per capita?
A. Japan.
B. United States.
C. Great Britain.
D. China.
Answer: B
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Suppose the exchange rates between the United States and Canada are in long-run equilibrium as defined by the idea of purchasing power parity. If the law of one price holds perfectly, then differences between U.S
and Canadian rates of inflation would A) have no effect on nominal exchange rates. B) be completely offset by changes in the real exchange rate. C) be completely offset by changes in the nominal exchange rate. D) violate the conditions for the law of one price. E) lead to a change in the real purchasing power of each country's currency when it is converted to the other country's currency.
If a market is initially operating competitively and then the government imposes a price floor above the equilibrium price,
a. there will be more resources will be devoted to the production of this product b. quantity demanded will rise c. producer surplus will fall in the short run d. imposition of the floor is probably a positive-sum game e. consumer surplus will fall
The long run is a planning period:
a. during which the firm can vary its plant size. b. less than six months. c. less than one year. d. less than five years.
Betty goes out to enjoy a bouffe with her friend instead of practicing calculus problems for her maths examination that is due the following day. This implies that the opportunity cost of the bouffe to Betty is zero
a. True b. False Indicate whether the statement is true or false