According to the information in the table shown, if someone were earning $20,000 in Mexico, approximately what would he need to earn in the United States to enjoy the same amount of goods and services?
This table shows the price-level adjustment as compared to the United States.
A. $30,303
B. $35,000
C. $20,030
D. $15,000
A. $30,303
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People in the U.S. will rarely pay a great deal per gallon to obtain water because
A) there are so many excellent substitutes for water. B) there is no relationship between objective price and subjective value. C) they are usually creatures of habit. D) they think water, as a basic necessity, ought to be supplied at a very low price. E) they place a very low marginal value on water.
As table manufacturing company produces more tables, the average total cost of each table produced increases. This is because:
a. Total fixed costs are decreasing as more tables are produced b. There is economies of scale c. There is diseconomies of scale d. Total variable cost is decreasing as more clubs are produced.
Keynesian economists believe that
a. the velocity of money is stable b. changes in the money supply do not affect output c. there is a one-to-one correspondence between M and P in the equation of exchange d. the velocity of money is predictable e. the velocity of money is affected by changes in expectations
(Consider This) If the law of diminishing returns applies to study time:
A. the tenth hour of study will likely be less productive than the third. B. this implies that longer lectures are less productive than shorter ones. C. there is no benefit to studying a subject more than five hours in any given day. D. people with less intelligence necessarily experience diminishing returns sooner than those with greater intelligence.