The price of gold is $300 per ounce in New York and 2,550 pesos per ounce in Mexico City. If the law of one price holds for gold, the nominal exchange rate is ________ pesos per U.S. dollar.

Which of the following is an implicit cost of going to college?

a. Tuition. b. Books. c. Lost income. d. Future income. e. Room and board.

This table shows the demand and supply schedule of a good.

According to the table shown, at a price of $0.50 quantity demanded:

A. exceeds quantity supplied and a shortage exists.
B. is less than quantity supplied and a shortage exists.
C. exceeds quantity supplied and a surplus exists.
D. is less than quantity supplied and a surplus exists.