An American consumer wants to buy a Swiss watch. The exchange rate is 1USD=0.89 CHF(Swiss Francs). The watch costs 100 Swiss Francs. How much would it cost him in dollars?
a. $89
b. $112.36
c. $100
d. $160.82
b
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A copyright grants the creator of a book, film, or piece of software exclusive legal rights to use the creation for how long?
A) 10 years B) 20 years C) 50 years D) the creator's lifetime plus 70 years for the creator's heirs
Suppose the market for grass seed is expressed as
Demand: QD = 100 - 2p Supply: QS = 3p Price elasticity of supply is constant at 1. If the supply curve is changed to Q = 8p, price elasticity of supply is still constant at 1. Yet, with the new supply curve, consumers pay a larger share of a specific tax. Why?
Suppose you have spent your entire budget and for all the goods you purchase the marginal utilities per dollar spent are identical. Which of the following is true?
a. You are being irrational. b. You can increase your utility by reallocating your income. c. You will reduce your utility if you allocate income in any other way. d. You are minimizing your marginal utility. e. You can avoid diminishing marginal utility.
If the unit cost of output for a car is $8000 and the price is $10,000 . what is the firms' markup over cost?
a. 125.0 percent b. 25.0 percent c. 80.0 percent d. 11.1 percent e. 20.0 percent