If the foreign exchange rate for 1 Hungarian forint is 0.5 cent, then
A) a dinner priced at 400 forints will cost $20.
B) a wine that sells for 600 forints will cost $3,000.
C) a Big Mac hamburger priced at 50 forints will cost $1.
D) a hotel room renting for 40,000 forints will cost $200.
D
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Suppose an increase in product demand occurs in a decreasing-cost industry. As a result:
A. the new long-run equilibrium price will be lower than the original long-run equilibrium price. B. equilibrium quantity will decline. C. firms will eventually leave the industry. D. the new long-run equilibrium price will be higher than the original price.
A progressive income tax would cause the after-tax Lorenz curve, compared with the before-tax Lorenz curve, to be:
A. More bowed toward the southeast B. Less bowed toward the southeast C. A vertical line D. A horizontal line