If a British automobile sells for £20,000 and the British pound is worth $1.50, then the dollar price of the automobile is
A) $1.60.
B) $12,500.
C) $20,000.
D) $30,000.
D
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Workers at a local construction company are paid $32.50 per hour, and they have incorporated a 4 percent annual raise in their contracts to account for expected inflation
Explain how unexpected inflation of 2 percent will affect the real wages earned by these workers and the unemployment rate of these workers.
A monopoly is a firm that:
A. is the sole producer of a good or service with no close substitutes. B. is the sole producer of a good or service with many close substitutes. C. is the producer of a good or service with just a few large competitors. D. produces a good or service that is identical to many others sold in the market.
As of December 2008, the most important category in the CPI is
a. medical care b. education c. transportation d. food and beverages e. housing.
The welfare loss created by monopolistically competitive markets:
A. is a hotly debated topic among economists. B. is a huge concern to governments. C. has a widely accepted form of measurement. D. is usually not a huge concern to governments.