Assuming the United States is the "domestic" country, if the real exchange rate between the United States and Russia decreases from 28 to 23
A) the prices of U.S. goods and services have increased by 25.5% relative to Russia.
B) the prices of U.S. goods and services have decreased by 5% relative to Russia.
C) the prices of U.S. goods and services have decreased by 18% relative to Russia.
D) the prices of U.S. goods and services have increased by 22% relative to Russia.
C
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Exhibit 5-6 Demand curve for concert tickets
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In Exhibit 5-6, the demand curve for concert tickets shown above between the prices of $20 and $30 is
A. inelastic. B. elastic. C. unitary elastic. D. cross elastic.
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200. What is Sue's optimal bidding strategy in a first-price, sealed-bid auction?
A. Submit a bid that is less than $150. B. Submit a bid of $200. C. Submit a bid of $150. D. Yell "mine" when the bid reaches $150.
The aggregate demand curve shows that, if other factors are held constant, the higher the price level, the
A) greater the quantity of real GDP demanded. B) smaller the quantity of real GDP demanded. C) larger consumption expenditure. D) None of the above answers is correct.
The data show Argentina's GDP (using purchasing power parity) in billions of dollars
Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 GDP($) 182 209 235 255 277 274 294 324 340 333 338 330 300 Year 2003 2004 2005 2006 GDP($) 333 373 420 470 The data show that A) Argentina's economy was in a recession from 2004 through 2006. B) Argentina's economy was in a recession in 2001 and 2002. C) GDP per person more than doubled between 1990 and 2006. D) Argentina's economy reached a peak in 1996.