If the inflation rate in country A is 3.5% and the inflation rate in country B is 3.0%, we should expect the percentage change in the number of units of country A's currency per unit of country B's currency to be:
A. +16.7%.
B. +6.5%.
C. +0.5%.
D. -0.5%.
Answer: C
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The economic model of consumer behavior predicts that
A) consumers divide their time between consumption and leisure activities in order to maximize social welfare. B) consumers will try to accumulate as many goods and services as they can before they die. C) consumers will choose to buy the combination of goods and services that make them as well off as possible from those combinations that their budgets allow them to buy. D) consumers will try to earn as much income as they can over their lifetimes.
The following expressions describe a perfectly competitive labor market. The labor supply curve is:
SL = AE = $3.00 + $0.000375L. The marginal revenue product of labor curve is: MRPL = $13.00 - 0.000433L. a. Find the equilibrium wage in this labor market. Also, find the optimal number of labor hours worked per week. Let L represent the number of labor hours worked per week, and let W represent the hourly wage of workers. b. Determine the economic rent earned by labor in this situation.
Which of the following statements is true?
a. All people in poverty are on welfare. b. Unemployment compensation is an example of an in-kind transfer. c. Temporary Assistance to Needy Families (TANF) is an example of a cash payment made by government to the impoverished. d. After cash assistance and in-kind transfers are considered the distribution of income in the United States is more unequal. e. All of these.
According to the labor statistics of the United States, the _____ reported the highest unemployment rate between 1960 and 2008
a. Whites b. Asians c. African Americans d. Hispanics e. Latinos