Absolute Purchasing Power Parity Requires That

question 44

Multiple Choice

Absolute purchasing power parity requires that:

• A)government regulations assure that prices for goods are the same in all locations.
• B)the law of one price be in place and result in prices for goods in one location be equivalent to the price of those goods in another place.
• C)markets function efficiently so that the price of goods are the same everywhere they are sold.
• D)goods markets function efficiently and the price of goods fluctuate.

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Definitions:

API GL-5

A classification of lubricants, defined by the American Petroleum Institute, indicating oil suitability for high-pressure conditions in vehicle axles and transmissions.

Zerk Fitting

A standard grease nipple. Its orifice is sealed with a spring-loaded ball that unseats when pressurized grease is applied to it.

Grease Nipple

A fitting used on mechanical systems to feed lubricants under pressure into bearings, joints, or mechanical systems.

Types of Antifreeze

Various chemical formulations used to lower the freezing point and raise the boiling point of the coolant in engines.