If the exchange rate of the Swiss franc is 1.61 francs per dollar, then the Swiss franc is worth about
A. 15 cents.
B. 57 cents
C. 62 cents.
D. $15.70.
Answer: C
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The model that economists use for illustrating the process of individual choice in a situation of scarcity is the _____, sometimes also called the opportunity set, a diagram which shows what choices are possible.
A. opportunity set B. consumption choice C. time value of money D. risk premium
If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $4 and they are charging the profit-maximizing retail price of $12, what is wholesale price of the product?
A) $16 B) $4 C) $8 D) $12
Figure 11-5
In Figure 11-5, Crown Theater, a monopolist movie theater, has chosen the profit-maximizing output. At this output level, what is total cost for the firm?
A. $750 B. $600 C. $450 D. $300
Which of the following do unions not cause?
a. frictional unemployment b. the wage to rise above the equilibrium level c. conflict between insiders who benefit from high union wages and outsiders who do not get the union jobs d. reduced wages in industries without unions