The exchange rate between yen and dollars at one point in 2010 was 83 yen per dollar. If a Big Mac, fries, and a Coke cost $3.91 in San Francisco, how much should the same order cost in yen in Osaka?
A. 0.03
B. 325
C. 392
D. 422
Answer: B
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In the game in which two oil companies own adjacent oil fields, the companies will not use the oil efficiently because
a. neither company has a dominant strategy in the game. b. the companies collude and produce a quantity of oil that is less than the socially-efficient quantity. c. the pool from which they recover the oil is a common resource. d. the pool from which they recover the oil is not large enough to allow both companies to earn a positive profit.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
What is a market economy?
What will be an ideal response?
The Great Recession began in ________ and ended in ________
A) December 2007; June 2009 B) December 2007; December 2011 C) October 2008; June 2009 D) October 2008; December 2011