If Michelle can buy a woolen jacket for 40 yuan in China, and Rebecca pays $40 for the same jacket in the U.S., it implies that the exchange rate between these two nations is 10 yuan = $1

Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the price of wapanzo beans will be

A) $1 per pound. B) $2 per pound. C) $3 per pound. D) $4 per pound.

Economic rent is paid only to land, and not to other resources

a. True b. False Indicate whether the statement is true or false