Refer to the above table. You are given information on Celine's consumption for 2010 and 2018. Using 2010 as the base year compute the price index for 2018. The index equals
A. 170.
B. 58.823.
C. 0.17.
D. 0.5823.
Answer: A
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In the above figure, a black market emerges with a
A) price ceiling of $4. B) price floor of $2. C) price floor of $4. D) a rationed quantity 30.
As Sam moves rightward along his indifference curve, his marginal rate of substitution
A) is diminishing. B) is increasing. C) remains constant. D) shows the change in his income.
Answer the following statements true (T) or false (F)
1. The study of economics is primarily theoretical and has very little practical application. 2. Economics is considered a physical science. 3. Economies must make choices because resources are limited while wants are unlimited. 4. Production is the creation or addition of utility.
The Department of Education noticed that for loans granted to students without any strings, the average grade point average of the students decreases dramatically over time, while the students whose loans renew only if they pass their courses tends to stay stable. This could be due to a
a. Adverse selection problem b. Moral hazard problem c. Typical college life phenomenon d. None of the above