The average household in Australia spends AUD 560 on groceries per month. What would this grocery bill amount to in U.S. dollars if the current exchange rate is AUD 1.55 per dollar?
a. $868.00
b. $560.00
c. $447.91
d. $361.29
e. $222.00
d
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Other things remaining the same, if an industry introduces a labor-complementary technology in production, the demand curve for labor in that industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
In reality, according to the model developed in Section 15.5 of the textbook, prices of non-renewable resources have not increased continually because of
A) abundance of the resource. B) technological progress changing marginal cost. C) changing market power of producers. D) All of the above.
The price ceiling that the federal government placed on human organs caused
A. A shortage. B. An increase in supply. C. A surplus. D. An increase in demand.
You are likely to learn about ________ in your macroeconomics class
A) the price elasticity of demand for a good B) the average revenue and cost curves of a firm C) the Law of Diminishing Marginal Utility D) the annual growth rate of an economy's output