If 1 U.S. dollar exchanges for 8.97 pesos, how much would it cost in pesos to purchase a Big Mac priced at $2.75?
What will be an ideal response?
2.75 x 8.97 = 24.67 pesos
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In Macroland, autonomous consumption equals 100, the marginal propensity to consume equals 0.75, net taxes are fixed at 40, investment is fixed at 50, government purchases are fixed at 150, and net exports are fixed at 20. Equilibrium output in this economy equals
A. $1,160. B. $1,440. C. $1,000. D. $1,280.
If the total money supply is $3 trillion, real GDP is $8 trillion and the price level is 1.5, then the equation of exchange tells us that velocity equals
A) 16. B) 3. C) 0.25. D) 4.
The quantity demanded for a duopolist's product is zero if ________
A) it charges a lower price than its rival B) it charges a higher price than its rival C) it charges the same price as its rival D) it can produce the product at a lower cost
Refer to Figure 4-15. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $20. B) $22. C) $27. D) $32.