In the above figure, what is the marginal cost of the 8th pizza?
A) $1.50
B) $12
C) $6
D) $96
E) 8 pizzas
B
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Suppose the real exchange rate is 10, the domestic price level is 8, and the foreign price level is 4
(a) What is the nominal exchange rate? (b) Suppose the real exchange rate rises by 10%, the inflation rate in the domestic country is 6%, and the inflation rate in the foreign country is 4%. By what percentage does the nominal exchange rate change? (c) Suppose the nominal exchange rate rises by 5%, the real exchange rate rises by 8%, and domestic inflation is 3%. What is the foreign inflation rate?
Money is not ________
A) income because the former is a stock measure and the latter a flow B) wealth because the former is generally used to procure the latter C) as inefficient as barter because the latter requires a double coincidence of wants D) all of the above E) none of the above
The demand curve displays the wishes of _____________.
Fill in the blank(s) with the appropriate word(s).
Edgar Browning and William Johnson, in a paper published in the Journal of Political Economy (1984), presented evidence that a one-dollar transfer to the bottom 40 percent of income distribution costs the top 60 percent nine dollars. If correct, this finding proves
A. the tax system is generating significant excess burdens. B. these transfers are not worth the cost. C. loopholes have to be closed. D. the burden of the tax system is too great.