Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cake in terms of cookies is
A) 1/2 pound of cookies per cake.
B) 2 pounds of cookies per cake.
C) 1/2 slice of cake per cookie.
D) 2 slices of cake per cookie.
A
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Using a broader measure of the unemployment rate where discouraged workers and part-time workers who wished to work full time were counted as unemployed, the BLS estimates the unemployment rate in August 2015 would have ________ compared to the
measured unemployment rate. A) barely changed B) decreased by less than 1 percentage point C) more than doubled D) increased by more than 7 percentage points
The growing federal budget deficit in the 1980s was accompanied by a
a. growing trade surplus. b. growing trade deficit. c. shrinking trade deficit. d. shrinking capital account surplus.
Statistics on families below the poverty line may be overstated because:
A. the poor are primarily children who soon will move out of poverty. B. poverty in the United States is rich compared to poverty in other nations. C. the income levels used to measure poverty do not include in-kind transfers. D. unemployment compensation is a program closed to the poor.
The notion that everything the economy produces is purchased
A. sums up Say's law. B. can be restated as "demand creates its own supply". C. refers to the real balance effect. D. was a critical assumption Keynes made in explaining the worldwide depression of the 1930s.