Suppose we shopped for a basket of goods in 2000 and it cost $350 . Suppose the same basket of goods adds up to $385 in 2001 . If we use 2000 as a base year, what would be the 2001 CPI?
a. 35
b. 90
c. 100
d. 110
e. 135
D
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If penalties are imposed on the sellers of illegal goods or services, then the equilibrium price ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
All of the following are positive statements EXCEPT
A) the President of the United States in 2008 was George W. Bush. B) California is in the United States. C) migratory birds fly south for the winter. D) a dog is man's best friend.
The efficient level of public good provision is determined
a. where the market demand curve intersects the marginal cost curve b. where the sum of individual valuations equals the sum of marginal costs c. without regard to economic factors d. where marginal revenue product equals marginal factor cost e. at the minimum point of the average total cost curve
_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply