The price of cookies in terms of gallons of milk per cookie is 0.6 and the price a gallon of milk in terms of pounds of butter per gallon is 1.2. What is the relative price of cookies to butter?
A) 1.39
B) 0.6
C) 0.72
D) 0.50
Answer: C
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Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the
A) demand for gasoline is price elastic. B) demand for gasoline is price inelastic. C) supply of gasoline is price elastic. D) supply of gasoline is price inelastic.
If the number of unemployed workers is 200 million, the number of employed workers is 300 million, and the working-age population is 800 million, what is the labor force participation rate?
A) 12.5% B) 37.5% C) 40% D) 62.5%
A monopolist has a strong incentive to advertise
Indicate whether the statement is true or false
Everyone agrees that globalization causes greater income inequality between rich and poor countries
Indicate whether the statement is true or false