When the dollar price of a British pound is $0.80, it is correct to state that an American traveling in England will receive ________ pounds per dollar
A) 1.25
B) 8
C) 80
D) 125
A
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Absolute advantage is
A) the ability to produce a good or service at a higher opportunity cost than one's competitors. B) the ability to produce more of a good or service than competitors that have fewer resources. C) the ability to produce more of a good or service than competitors when using the same amount of resources. D) the ability to produce higher quality goods compared to one's competitors.
Consider two people, Sandy Roos, who earns $25,000 . and Gary Behrman, who earns $50,000 . If the government has decided to tax everyone's first $25,000 at 20 percent and everyone's second $25,000 at 40 percent, then
a. Gary and Sandy both pay taxes of the same percentage of total income b. Gary and Sandy pay the same amount of taxes c. Gary pays twice the tax amount Sandy pays d. Gary pays three times the tax amount Sandy pays e. Sandy does not pay taxes
Suppose an economy exhibits general conditions of downward-sloping labor demand, upward-sloping supplies of domestic and immigrant labor, and a competitive labor market. Which of the following is not a likely outcome of immigration?
A. Some economic surplus will transfer from domestic workers to domestic firms. B. Domestic workers who keep their job will experience an increase in earnings. C. Economic surplus will increase in the destination country, even net of immigrant earnings. D. Domestic workers will experience some job losses. E. The market-clearing wage will fall.
Which of the following is an effect of an increase in the price level in an economy?
What will be an ideal response?