Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. Suppose 2015 is the base year. The price index in 2014 is
A. 94.2.
B. 97.4.
C. 106.1.
D. 123.0.
Answer: A
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In Figure 5-1 from the text, if the price of pizzas is $8: a. how many pizzas will the consumer purchase? b. what is the payment for the optimal number of pizzas? c. how much consumer’s surplus will the consumer receive?
What will be an ideal response?
An important assumption in the theory of public choice is that
A) individuals will act within the political process to maximize their individual well-being. B) individuals will act within the political process to maximize their collective well-being. C) individuals will only operate outside the political process when their well-being is involved. D) scarcity does not exist in the government sector.
The product-variety externality is associated with the
a. producer surplus that accrues to incumbent firms in a monopolistically competitive industry. b. loss of consumer surplus from exposure to additional advertising. c. consumer surplus that is generated from the introduction of a new product. d. opportunity cost of firms exiting a monopolistically competitive industry.
Normative economic principles are concerned with how people ________ make decisions while positive economic principles are concerned with how people ________ make decisions.
A. in ordinary life; in power B. should; do C. do; should D. in power; in ordinary life