If the exchange rate of dollars for yuan is 6 yuan to $1, then the exchange rate of yuan for dollars is
A. 5 (6-1) dollars per yuan.
B. -5 (1-6) dollars per yuan.
C. .166 (1/6) dollars per yuan.
D. not knowable from this data.
Answer: C
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Use the figure below to answer the following question.
If a price floor in this market is set at P2, then deadweight loss equals area
A. d. B. f. C. b + d. D. d + h.
When an income tax has a progressive rate structure, _____
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a. 5.1 percent b. 3.1 percent c. 2.1 percent d. 2.4 percent
There are two existing firms in the market for computer chips. Firm A knows how to reduce the production costs for the chip and is considering whether to adopt the innovation or not. Innovation incurs a fixed setup cost of C, while increasing the revenue. However, once the new technology is adopted, another firm, B, can adopt it with a smaller setup cost of C/3. If A innovates and B does not, A earns $30 in revenue while B earns $10. If A innovates and B does likewise, both firms earn $20 in revenue. If neither firm innovates, both earn $10. Under what condition will firm B have an incentive to adopt if firm A adopts the innovation?
A. C > 30 B. 10 > C > 0 C. 35 > C > 25 D. C < 30