The world price of a good is
a. the price paid by consumers in all nations
b. the price at which it is traded internationally
c. the price paid in U.S. dollars
d. the price paid in foreign currency
e. the terms of trade for each nation
B
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Refer to the figure above. Social welfare will be maximized if ________ units of Good Y are produced
A) 9 million B) 20 million C) 13 million D) 16 million
Which of the following is not a determinant of demand?
a. the price of a resource that is used to produce the good b. the price of a complementary good c. the price of the good next month d. the price of a substitute good
Which of the following is correct?
a. Nominal GDP is always less than real GDP. b. Nominal GDP is always greater than real GDP. c. Nominal GDP equals real GDP in the base year. d. Nominal GDP equals real GDP in all years but the base year.
The demand equation for a single price monopolist is P = 50 - Q. The marginal revenue equation for this monopolist is
A. 50 - Q. B. 100 - Q. C. 25 - Q. D. 50 - 2Q.