Inferior goods are also known as substitute goods.

Purchasing power parity does NOT provide accurate predictions of exchange rates because

A) almost all goods and services are traded across nations. B) governments currently fix exchange rates. C) firms are unable to set prices differently across nations. D) non-traded goods account for approximately 50 percent of the value of production in an economy.

Assuming a constant cost industry, consumer surplus would be greater under monopoly than if the industry were perfectly competitive

a. True b. False