What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 60 dollars in New York and 30 Pounds in London?
A) 1.5 dollars per British pound
B) 0.5 dollars per British pound
C) 2.5 dollars per British pound
D) 3.5 dollars per British pound
E) 2 dollars per British pound
E
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When there is an excess of expected net income over the cost of capital
A) abnormal net income is positive. B) accounting profits are negative. C) abnormal net income is negative. D) economic profits minus abnormal net income is negative.
Suppose the market demand curve is given by Qd = 80 - 10P, and the market supply curve is given by Qs = 10 + 15P. What is the equilibrium price and quantity?
A. P* = $2.80 and Q* = 54 B. P* = $2.80 and Q* = 52 C. P* = $2.60 and Q* = 54 D. P* = $3.00 and Q* = 55
The belief that everyone should have exactly the same amount of income is
A) merit standard.
B) comparable-worth doctrine.
C) egalitarian principle.
D) Lorenz principle.
A government policy that tries to minimize inflation and unemployment can best be described as trying to achieve economic
A. efficiency. B. profitability. C. stability. D. equity.