The CPI for all goods and services excluding food and energy is called
a. a hedonic price index.
b. the CPI basis.
c. the core CPI
d. the producer price index.
c
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Lemon laws __________ the __________ problem in the used car market.
A. are meant to reduce; adverse selection B. are meant to reduce; moral hazard C. unintentionally worsen; adverse selection D. unintentionally worsen; moral hazard
According to the process of creative destruction, at first the entrepreneur will be able to sell the product for
A. a low price because it is not well known. B. a high price because there is no competition. C. a fair price because these are contestable markets. D. at a price of zero until the market is created.
How would imposing a minimum wage above the market-clearing wage affect employment in a competitive labor market?
A. Employment would increase as firms would illegally hire workers below the original competitive wage. B. Employment would increase as previously unemployed workers would be more encouraged to find a job. C. Employment would be unchanged as workers are nonresponsive to low wages. D. Employment would decrease as some workers who are willing to work at the lower competitive wage would no longer be able to find work. E. Employment would increase because a higher minimum wage would create more jobs for low-skilled workers.
Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. The principle of diminishing returns first occurs when how many workers are hired?
A. 2 B. 3 C. 4 D. 5