A person who is employed in a service industry tends to have ______ wage rate as someone employed in manufacturing.
A. a higher
B. about the same
C. a lower
C. a lower
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Suppose the market basket of consumer goods and services costs $180 using the base period prices, and the same basket of goods and services costs $300 using the current period prices. The CPI for the current year period equals
A) 166.7. B) 66.7. C) 160.0. D) 60.0. E) 300.0.
In the figure above, the length of the double sided arrow is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) economic loss per unit. E) economic profit.
In a competitive equilibrium, the total consumer surplus must equal the total producer surplus
Indicate whether the statement is true or false
Which of the following reflects the incentive structure confronted by a typical firm in a cartel?
a. If I alone cheat, I'm better off; if everyone cheats, I'm worse off. b. I can never do better for myself than by following agreed-upon cartel policies. c. If everyone cheats, I'm better off and so is everyone else in the cartel. d. If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.