In 1949, Sycamore, Illinois built a hospital for about $500,000 . In 1987, the county restored the courthouse for about $2.4 million. A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000 . According to these numbers, the hospital cost about
a. $3.6 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars.
b. $3.6 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
c. $4.1 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars.
d. $4.1 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
d
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Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. Suppose that a nationwide quota (of 20) is enforced so that more can be used in a war effort. What is the price?
a. 20 b. 40 c. 60 d. 80
In a market economy, the amount of a good that is produced is primarily decided by the interaction of: a. buyers and sellers
b. all consumers. c. producers and input suppliers. d. producers and government planning committees.
Describe the immediate short-run effect to the economy from an increase in government purchases, as well as the self-correcting mechanism that will restore long-run equilibrium.
What will be an ideal response?
An asset price bubble occurs when the prices of some assets rise far above their fundamental values.
Answer the following statement true (T) or false (F)