The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The CPI in 2012 is
A) 118.8 B) 123.1 C) 100. D) 18.8 E) 23.1
B
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If the multiplier = 2.5, the MPS would be
A) 0.25. B) 0.4. C) 0.6. D) 0.75.
Most supermarkets charge the same price for the majority of goods sold. This suggest that
A) the large supermarket chains are price leaders and smaller grocers take these prices as given. B) mark-ups reflect the degree of competition in the supermarket industry. C) supermarkets have colluded to fix prices on most of the goods sold. D) the government regulates prices of most products sold in supermarkets.
In a market-oriented economy, most economic decisions about what to produce, how to produce, who will produce, and for whom to produce are made by buyers and sellers
a. True b. False Indicate whether the statement is true or false
Suppose that, at an official ticket price of $500, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A. There will be a surplus of tickets. B. The market clearing price of the tickets is more than $500. C. The market clearing price of the tickets is less than $500. D. There will be scalpers outside the arena selling tickets for $500.