The United Auto Workers has fought for curbs on imports of foreign-made cars in order to cause
a. a rightward shift in the supply of U.S. cars
b. a leftward shift in the supply of U.S. cars
c. movement to the left along the supply curve for U.S. cars
d. movement to the right along the supply curve for U.S. cars
e. a rightward shift of the demand curve for U.S. cars
E
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Purchasing power parity can be used as
A) a long-run gauge, but in the short run large deviations in currency values can exist. B) a short-term gauge, but in the long run large deviations in currency values can exist. C) an indicator of how interest rates will change in the short run. D) an indicator of how interest rates will change in the long run. E) a short-term and long-term gauge of relative currency values.
Suppose an airline ticket from Charlotte to Dallas costs $525 . A bus ticket is $325 . Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of time . Other things constant, an individual will gain by choosing air travel if, and only if, each hour of her time is valued at more than
a. $10 per hour. b. $13 per hour. c. $20 per hour. d. $105 per hour.