The exchange rate between yen and the dollar is 122 yen per dollar. If a big mac

Question

The exchange rate between yen and the dollar is 122 yen per dollar. If a big mac coke cost $3,90 in Milwaukee, how much would the same order cost in yen Osaka?

a.692

b.476

c. 392

d.122

what is the crucial difference between inflation generated on the demand side versus inflation generated on the supply side

a. demand-side inflation is short-lived, while supply side inflation lasts for a long time

b. demand-side inflation leads to budget surpluses while supply side inflation contributes to budget deficits

c. supply-side inflation is subject to control of policy markers, while demand-side inflation is beyond their reach

d. demand-side inflation is normally accompanied by raising real GDP, while supply side may be accompanied by falling real GDP

what is the shape of aggregate supply (AS) in the short-run and the long-run?

AS is relatively flat in both the short and long run

AS is relatively steep in the short-run, but flatter in the long run

AS is relatively flat in the short-run, but steeper in the long run

AS is relatively steep in both the short and long run

Explanation / Answer

1. b. 3.90 X 122 = 475.8 yen = 476 yen

2. d. demand-side inflation is normally accompanied by raising real GDP, while supply side may be accompanied by falling real GDP

3. AS is relatively flat in the short-run, but steeper in the long run

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