Describe any three price indices published by the Bureau of Labor Statistics that are not based on baskets of consumer goods
The Bureau of Labor Statistics calculates several price indices that are not based on baskets of consumer goods. The Producer Price Index is based on prices paid for supplies and inputs by producers of goods and services. The International Price Index is based on the prices of merchandise that is exported or imported. The Employment Cost Index measures wage inflation in the labor market. Also, GDP deflator and Personal Consumption Expenditure Index. (Describe any three.)
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If a 5% cut in the price of a product causes the quantity demanded to rise by 10%, the demand is
A. unit elastic. B. inelastic. C. perfectly elastic. D. elastic.
An example of moral hazard is
a. workers working diligently even though the boss is not looking b. health care insured dieting and exercising c. drivers of safer cars texting on their phones while driving d. borrowers investing their loan proceeds exactly as the bank requires
Opportunity cost is the:
a. cost incurred when one fails to take advantage of an opportunity. b. price paid for goods and services. c. cost of the best option forgone as a result of choosing an alternative option. d. undesirable aspects of an option.
A firm has an Actual margin of 0.60 and charges a price of $75. The firm’s marginal cost is:
? $25 B. $125. ? $45 D $30