A CPI miscalculation that overstates its increase by 0.8 percentage points will cause
A. the price of goods to rise.
B. the poverty line to rise too slowly.
C. the poverty line to rise too quickly.
D. the price of services to rise.
Answer: C
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Acme, Inc. is currently producing 12,000 gadgets per year. Acme's average total cost (ATC) is $18 per year. What is Acme's total cost (TC) per year?
a. $667 b. $108,000 c. $216,000 d. $500 e. $1500
Country A can produce either 2 tons of cocoa or 4 cars with 10 units of labor. Country B can produce either 5 tons of cocoa or 25 cars with 10 units of labor. Based on this information, which of the following is true?
(a) Country A has an absolute advantage in the production of cocoa, while Country B has a comparative advantage in the production of cocoa (b) Country A has a comparative advantage in the production of cocoa, while Country B has a comparative advantage in the production of cars (c) Country A has an absolute advantage in the production of cocoa, while Country B has a comparative advantage in the production of cars (d) Country A has a comparative disadvantage in the production of both goods (e) Neither country has a comparative advantage in the production of either good
Import quotas on products will increase the price consumers pay for imported products and:
Decrease the volume of exports Decrease the volume of imports Increase the volume of imports Have no effect on the volume of imports or exports