Suppose the market basket consists of 100X, 200Y, and 300Z. Current-year prices are $5 for each unit of X, $2 for each unit of Y, and $3 for each unit of Z. Base-year prices are $2 for each unit of X, Y, and Z. What is the approximate CPI in the current year?
A) 15
B) 70.20
C) 1,200
D) 150
D
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If the federal government has a budget surplus, then it is definitely the case that
A) tax revenue exceeds government outlays. B) tax revenue and government outlays are equal. C) the tax revenue is falling and government outlays are rising. D) government outlays exceed tax revenue. E) the tax revenue is rising and government outlays are falling.
When considering whether or not to consume a second slice of cake, an individual is following marginal thinking if she compares the total cost of consuming both the first and second slices with their total benefit before making a decision
a. True b. False Indicate whether the statement is true or false
Suppose that the U.S. can make 15 cars or 20 bottles of wine with one year's worth of labor. France can make 10 cars or 18 bottles of wine with one year's worth of labor. From these numbers, we can conclude
a. the U.S. has a comparative advantage in the production of cars. b. France has a comparative advantage in the production of wine. c. the U.S. has a absolute advantage in the production of wine. d. all of the above are conclusions are correct.
Delta, United, US Airways and JetBlue offer the 24-hour free cancellation; __________ doesn't but lets you hold a reservation for 24 hours without paying.
Fill in the blank(s) with the appropriate word(s).