The Exchange Rate Is $1 = 110 Yen

question 43

Multiple Choice

The exchange rate is $1 = 110 yen.If the price of a Japanese good is 37,500 yen,what is the approximate price of the good in dollars?

• A) $29.45
• B) $4,125,000
• C) $294.49
• D) $340.91
• E) none of the above

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Definitions:

Optimal Choices

Optimal choices refer to decision-making that maximizes utility or benefit within given constraints, finding the best possible outcome from a set of alternatives.

Scarcity

The basic economic issue arises from the reality of endless human desires facing the constraint of finite resources.

Normative

Pertaining to or expressing judgments based on values, standards, or ideals, often concerning what is right or wrong, or what ought to be.

Positive

Refers to statements or assertions that are objective and based on factual evidence, often used in the context of affirming information in sciences and economics.