If the price of smoothies is $3.50 in the United States and the exchange rate is 110 yen per dollar, then what is the yen price of smoothies?
A. 110 yen
B. 240 yen
C. 318 yen
D. 385 yen
Answer: D
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Refer to Table 2-20. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice. B) Japan has an absolute advantage in rice. C) Japan has an absolute advantage in wristwatches. D) Thailand has an absolute advantage in both products.
The action time lag is the time period that elapses
A) between when an economic problem manifests itself and it is officially acknowledged. B) between the recognition of an economic problem and implementing policies to solve it. C) between implementing policies to solve an economic problem and when the results of that policy can be measured. D) between the beginning of the budgetary process and the final budget resolution.
Shoe-a-holic Cathy started her own line of custom made, hand embellished wedding shoes. She opened up her own shop paid $2500 in fixed licensing fee. She used about $3000 in raw materials and made $3500 . At the end of the first month, Carly, her sister
looked at her financials and told her that she was losing money and should shut down. Cathy is heartbroken. As an economics guru, what would you advise her to do?
The exchange rate is the
a. ratio of exports to imports b. interest rate the U.S. government charges on international transactions c. pricing policy of goods scheduled for export d. price of one nation's currency in terms of another nation's currency e. price that central banks charge each other for currency exchanges