For an imaginary economy, the consumer price index was 80 in 2014, 100 in 2015, and 140 in 2016 . Which of the following statements is correct?
a. If the basket of goods that is used to calculate the CPI cost $40 in 2014, then that basket of goods cost $60 in 2015.
b. If the basket of goods that is used to calculate the CPI cost $25 in 2015, then that basket of goods cost $35 in 2016.
c. The overall level of prices increased by 60 percent between 2014 and 2016.
d. All of the above are correct.
b
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Which answer below CORRECTLY describes the relationship between the demand for labor curve and the value of marginal product curve?
A) The curves intersect to determine the equilibrium quantity of labor. B) The value of marginal product curve lies to the right and above the demand for labor curve. C) The curves are the same. D) The value of marginal product curve lies to the left of the demand for labor curve.
If the price of one good increases, and as a result the demand for another related good falls, the goods are
A) substitutes. B) normal goods. C) complements. D) inferior goods.
Karl Marx predicted that the exploitation of workers would cause capitalism to self-destruct
a. True b. False Indicate whether the statement is true or false
The property of society getting the most it can from its scarce resources is called
a. efficiency. b. equality. c. externality. d. productivity.