If you are traveling in China and you purchase a meal that costs 140 yuan and the current exchange rate is 7 yuan to the dollar, then the price of the meal in U.S. currency is
A. $200.
B. $20.
C. $10.
D. $2.
Answer: B
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The U.S. government's focus on supply reduction efforts in its "war on drugs" has been relatively unsuccessful at addressing illegal drug use
Some economists believe that a successful anti-drug program must concentrate on reducing demand; for example, through drug education and voluntary treatment programs for addicts. a. What will happen to the equilibrium price, quantity, and total revenue from cocaine sales if the government succeeds in its efforts to reduce demand? What is likely to happen to the incentive to sell cocaine? b. Suppose the government continues to concentrate its efforts on supply reduction and is able to reduce the supply of cocaine. As a result of the reduction in supply the price of cocaine increases by 25 percent. If the price elasticity of demand is -0.5, what is likely to happen to the incentive to sell cocaine? c. Based on your answers, explain why one approach might be preferred over the other.
A point lying to the northeast of the production possibilities frontier is
A) unattainable. B) efficient. C) inefficient. D) profitable.
In the 1970s and 1980s policies that required retirement of people over age 65 were repealed. Which variable would this directly affect?
a. The employment-population ratio b. Productivity c. Average hours d. Population e. Technology
What distinguishes a deductive approach from an inductive approach to modeling?
A. Inductive modeling uses data, whereas deductive modeling does not. B. The inductive approach does not have conclusions for viable policies, whereas the deductive approach does. C. The deductive approach begins by looking at the data, whereas the inductive approach begins with the model. D. An inductive approach begins by looking at the data, whereas a deductive approach develops the implications of a model first.