An MP3 player in Singapore costs 200 Singaporean dollars. In the U.S. it costs 100 US dollars. What is the nominal exchange rate if purchasing-power parity holds?

Demand relates the amounts of a good purchased to

A) the amounts actually obtained. B) the gross domestic product. C) the quantity needed. D) the sacrifices required to obtain the good. E) the time required to produce the good.

Which of the following would not be a Pareto superior move?

a. A market exchange. b. A group that unanimously decides to undertake an activity. c. A group that decides by majority rule to undertake an activity. d. A contingent contract for a group to undertake an activity at some time in the future.