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.
Answer: D
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In the figure above, the shift from the short-run Phillips curve SRPC0 and the long-run Phillips curve LRPC0 to the short-run Phillips curve SRPC2 and the long-run Phillips curve LRPC2 is the result of ________ in the expected inflation rate and
________ in the natural unemployment rate. A) a decrease; a decrease B) an increase; an increase C) no change; a decrease D) an increase; no change E) a decrease; an increase
Which of the following would not cause market demand for a normal good to decline?
a. An increase in the price of a substitute. b. An increase in the price of a complement. c. A decline in consumer income. d. Consumer expectations that the good will go on sale in the near future. e. An announcement by the Surgeon General that the product contributes to premature death.