Countries are divided into groups based on income. What income group is most common?
a. middle income ($1,025-$12,475 GDP/capita)
b. low income (less than $1,025 GDP/capita).
c. high income (greater than $12,475 GDP/capita).
d. high and low income groups have the same number.
a. middle income ($1,025-$12,475 GDP/capita)
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The demand curve for a perfectly competitive firm is horizontal because
A) consumers are willing to pay any price to obtain its product. B) its production decisions cannot influence the market price. C) the firm profits from setting its price higher than the market price. D) its product is easy for consumers to differentiate from those of other firms.
When British soldiers in German prisoner of war camps during World War I smoked the best cigarettes and used the low-quality ones as money, they were obeying
a. Gresham's law that says bad money drives out good money b. Gresham's law that says good money drives out bad money c. the classical law that says bad money drives out good money d. the classical law that says velocity affects money e. Weldon's law that says velocity affects money
Which of the following is not correct?
a. Some states in the U.S. mandate minimum wages above the federal level. b. Most European nations have minimum-wage laws. c. The U.S. minimum wage is significantly higher than the minimum wages in France and the United Kingdom. d. The U.S. Congress first instituted a minimum wage with the Fair Labor Standards Act.
If the real exchange rate is greater than 1, then the
a. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would buy more then enough foreign currency to buy the same good overseas. b. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas. c. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would buy more then enough foreign currency to buy the same good overseas. d. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas.