Suppose the price of an iPad is $500 in the U.S, and 30,000 rupees in India. If an iPad is representative of average prices within a country, then the price of a basket of goods worth $1 in the U.S. costs ________
A) 100 rupees in India B) 60 rupees in India.
C) 2 rupees in India D) 0.17 rupees in India
B
Economics
You might also like to view...
Sue offers to pay Al $50 for each painting of his that she sells in her gallery. Each painting sells for $75. The cost to Al of producing each painting is $55. Which of the following statements is TRUE about this contract?
A) This contract is efficient. B) This contract maximizes joint profit. C) Al will not participate in this contract. D) This is a fixed-fee contract.
Economics
For an oligopoly, when the quantity effect outweighs the price effect, the typical firm may find it optimal to:
A. expect firms will enter the industry. B. collude. C. increase output. D. decrease output.
Economics