The price of a smartphone increased from $350 to $400 while the price of a smartphone app increased from $1 to $2. The relative price of smartphones in terms of smartphone apps
A) increased from 200 to 350.
B) decreased from 350 to 200.
C) increased from 0.003 to 0.05.
D) decreased from 0.35 to 0.2.
B
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Sarah is a high school graduate and James is a college graduate. Which of the following statements is true?
A) Sara is likely to have more human capital than James. B) James is likely to have more human capital than Sara. C) Both Sara and James are likely to earn the same wage in the labor market. D) Both Sara and James are likely to have the same amount of human capital.
Which factor of production earns profit?
A) land B) human capital C) money D) entrepreneurship
At an exchange rate of $1 = €1 in Figure 36.1, there is
A. Equilibrium in the foreign exchange market. B. A shortage of euros. C. a shortage of dollars. D. A surplus of dollars.
The percentage of people in households with income under that which is sufficient to provide a family with a minimally adequate standard of living is the
A. poverty gap. B. poverty line. C. poverty state. D. poverty rate.