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The Economist magazine uses the price of a Big Mac to determine whether a currency is under-valued or overvalues. In July 2012, the price of a Big Mac was $4.33 in New York, 15.65 yuan in Beijing, and 6.50 Swiss francs in Geneva. The exchange rates were 6.37 yuan per U.S. dollar and 0.98 Swiss francs per U.S. dollar and 0.98 Swiss francs per U.S. dollar.
Was the yuan undervalued or overvalued relative to purchasing power parity?
Was the Swiss franc undervalued or overvalued relative to purchasing power parity?
Do you think the price of a Big Mac in different countries provides a valid test of purchasing power parity?
What variables to include in x. What functional form to use; should x include higher order, interaction terms of variables.
The typical slope of the demand curve as perceived by a monopolistic competitor will A. be steeper than the demand curve perceived by a monopolist. B. reflect that firm's ability raise its price without losing all of its customers. C. show less of a ..
Show (with a graph) and explain the strike and resulting negotiations for an inclusive labor union in a monopsony situation. Also, show (with a graph) and explain how an exclusive union increases wages
Industries in the US also Europe can produce only two goods, cars also wheat. For given resources also technological how. Industries in the US can produce 1000 tons of wheat if no cars are produced.
Assume that the government plans to introduce a tax cut next year. There are two groups of economists advising the administration on this issue. One group advocates business and investment tax cuts for firms and high income individuals. Take a positi..
Which of the following statements are true about transfer payments with regard to computing GDP? Check all that apply
Many years ago, the U.S. Department of Agriculture carried out experiments to determine how a cow’s milk production during a particular period was related to how much she was fed. A cow must be fed a certain amount just to maintain herself;
Consumer spending during holiday seasons affects the aggregate demand (AD) in the economy. AD drastically declines during serious recessions. Explain what President Roosevelt might have been trying to achieve, using the model of aggregate demand and ..
q.if the demand curve for wheat in the united states is p12.4 - qd where is the p is the farm price of wheat in dollars
According to the Green Party of Canada: “Eliminating poverty will pay for itself in reduced crime rates. Failure to eliminate poverty will cost our society far more than an effective program to make poverty history in Canada.” Now use the supply-dema..
Sally Rand owns a ceiling fan company. She sells 1,000 ceiling fans at $50 each. Each fan costs her $20. She uses her own money to buy the fans; she withdraws the money from her savings account where it earns 5 percent interest. Before going into the..
Draw two markets, one for skilled workers and one for unskilled workers. If the number of unskilled workers is rising due to immigration (both legal and illegal) and the demand for skilled workers is rising, what occurs in the two markets?
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