The Boskin Commission concluded that the CPI overstates increases in the cost of living by ________ percentage point(s) per year
A) Less than 1
B) 1 to 2
C) About 3
D) Over 4
B
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An individual's annual salary is her
A) money. B) income. C) wealth. D) liabilities.
To calculate the cost of capital
A) it needs to know its economic profit. B) the firm must calculate the average weighted cost of debt. C) the firm needs to know how much debt it uses. D) the firm needs to know how much capital is has.
Which of the following statements is an explanation for the law of increasing opportunity costs?
A. Many economic resources are better at producing one product rather than another B. The economy is employing all of its available resources C. In any economy, the state of technology is changing and resources are variable D. The economy is achieving productive efficiency by producing goods at the least cost
Which of the following is not a necessary characteristic of a purely competitive industry?
A. The industry- or market demand is highly elastic B. Firms can enter or leave the industry C. There are so many firms that none can influence market price D. Consumers see no difference between the product of one firm and that of another