Which of the following changes in the price index produces the greatest rate of inflation: 12 to 15, 20 to 24, or 30 to 35?
a. 12 to 15
b. 20 to 24
c. 30 to 35
d. All of these changes produce the same rate of inflation.
a
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Major League Baseball teams are similar to other firms in that they use factors of production to produce a product (baseball games). An example of capital used by teams to produce their products is
A) the ballparks where the games are played. B) the labor of baseball players. C) the money teams earn from television contracts and ticket sales. D) the land on which baseball games are played.
Figure 10-7
In Figure 10-7, through which point must a horizontal demand curve pass to yield a long-run equilibrium?
a.
A
b.
B
c.
C
d.
All of the above is correct.
Figure 17-13
shows domestic supply and demand for baseballs in the United States. The world price of a baseball is $3. With free trade, how many baseballs will be purchased in the United States?
a.
4,000
b.
6,000
c.
8,000
d.
10,000
e.
12,000
The president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes saps your energy. Over a period of time, it eroded our focus [and] thinned out the expertise and knowledge we painstakingly built up over the years." This quote
suggests that A) Toyota was experiencing an excess demand for its automobiles which it had difficulty keeping up with. B) as Toyota expanded its capacity, it experienced diseconomies of scale. C) Toyota was focused on "churning" out cars for which it did not invest sufficiently in training its workers. D) high demand for Toyota's cars prevented the company from focusing on its strength: auto design.