Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cookies in terms of cake is
A) $2.00 per cookie.
B) $4.00 per cookie.
C) 1/2 slice of cake per cookie.
D) 2 slices of cake per cookie.
D
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Ticket scalpers at the NCAA basketball tournament last year charged prices high above the printed ticket price. This observation is evidence of
A) a surplus at printed ticket prices. B) a shortage at printed ticket prices. C) the tournament not being televised. D) the tournament getting too much television exposure.
Explain the "vicious-circle-of-poverty" hypothesis
What will be an ideal response?
An inflation-prone country
A) gains from vesting its monetary policy decisions with a "conservative" central bank. B) loses from vesting its monetary policy decisions with a "conservative" central bank. C) gains from vesting its fiscal policy decisions with a "conservative" central bank. D) loses from vesting its fiscal policy decisions with a "conservative" central bank. E) remains constant when vesting its fiscal policy decisions with a "conservative" central bank.
Protecting intellectual property rights:
A. always benefits society. B. never benefits society. C. rarely affects society overall. D. is hotly debated as to whether it benefits or costs society overall.