In 1972, one could buy model rocket engines for $1.50 each. If those same engines cost $2.50 each today, then which pair of CPIs would make the engine prices in today's dollars the same for both years?
a. 60 in 1972 and 95 today
b. 60 in 1972 and 120 today
c. 90 in 1972 and 150 today
d. 96 in 1972 and 154 today
c
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The maximum economic profit that can be made by a duopoly that colludes is equal to the ________
A) economic profit made by duopolists who cheat B) normal profit made by an oligopoly C) economic profit made by a monopoly D) normal profit made by firms in perfect competition
The second step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
Which of the following statements is false?
A) The market value of all nonmarket goods is omitted from GDP. B) The sale of used goods is omitted from GDP. C) The market value of a person mowing his or her own lawn is omitted from GDP. D) If a good is produced but not sold, it is included in GDP.
If the U.S. were to impose import quotas
a. the demand for loanable funds and the demand for dollars in the market for foreign-currency exchange would both increase. b. nether the demand for loanable funds nor the demand for dollars in the market for foreign-currency exchange would increase. c. the demand for loanable funds would increase, but the demand for dollars in the market for foreign-currency exchange would not. d. the demand for dollars in the market for foreign-currency exchange would increase, but the demand for loanable funds would not.