View the step-by-step solution to:

Question

10700576Please answer question 1 2 3 for me. I am not able to

understand

attachment_10022019.png

MCQ1. Sally lives in Salonia and earns SAL30,000 in her job (The currency of Salonia is SALs). George lives in a
different country - Geogia and earns GEO600 (where the currency is GEOs). The exchange rate is 1 SAL = 0.2
GEOs. How much difference does there need to be in the Cost of Living for Sally to be better off?
a. The cost of living in Salonia needs to be more than 50 times more expensive.
b. The cost of living in Salonia needs to be less than 50 times cheaper.
c. The cost of living in Salonia needs to be less than 10 times cheaper.
d. The cost of living in Salonia needs to be less than 10 times more expensive.
e. The cost of living in Geogia needs to be less than 10 times more expensive.
MCQ2. The aggregate production function is concave because:
a. The marginal product of physical capital is diminishing.
b. The marginal product of labour is diminishing.
C. The marginal product of technology is diminishing.
d. (a) and or (b) can be true.
e. (a), (b) AND (c) must be true.
MCQ3. Which of the following will cause GDP to increase?
a. A company produces $50million of goods, but keeps them as inventory (i.e. doesn't sell them)
b. A company imports $5million of toothpaste to sell on the domestic market.
C. You grow all your vegetables in your backyard.
d. (a) and (b)
e. None of the above.delay

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes