In 1970, Professor Plum earned $12,000; in 1980, he earned $24,000; and in 1990, he earned $36,000 . If the CPI was 40 in 1970, 70 in 1980, and 130 in 1990, then in real terms, Professor Plum's salary was highest in
a. 1970 and lowest in 1980.
b. 1970 and lowest in 1990.
c. 1980 and lowest in 1970.
d. 1980 and lowest in 1990.
d
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Market basket B is to the northwest of basket A but lies on the same indifference curve for a consumer. Market basket C also lies to the northwest of A but is above the indifference curve. This consumer
a. prefers C to A. b. is also indifferent between A and C. c. prefers B to A. d. prefers C to B.
Investment is usually
A) more variable than consumption. B) less variable than consumption. C) as variable as consumption. D) It is hard to tell from the data whether investment is more or less variable than consumption. E) a larger component of the GNP than consumption.
A technological breakthrough lowers the cost of manufacturing microwave ovens. As a result, the market changes to a new equilibrium because of
a. an upward movement along the demand curve for microwave ovens. b. a rightward shift in the demand curve for microwave ovens. c. a rightward shift in the supply curve for microwave ovens. d. a shortage of microwave ovens.
The world's population increased so rapidly from 1800 to the present day because of higher:
A. Birthrates and lower standards of living B. Standards of living and higher birthrates C. Standards of living and lower death rates D. Death rates and higher standards of living