Suppose that the CPI doubles from 1995 to 2004. That means that prices have risen by
A. 50%.
B. 100%.
C. 150%.
D. 200%.
B. 100%.
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What is the most common reason people demand money?
A) Each bill and coin is a reflection of important people and events in a nation's history. B) Since very few of us engage in a flow of transactions, money is our financial safety net. C) People desire to use money as a medium of exchange when they buy goods and services. D) They demand money to ensure that the nation's government will not spend too much.
The colony of Georgia was established in 1732 . During the colony's early years,:
a. each arriving settler received a 50-acre farm. b. cotton plantations were the primary source of income. c. the slave population assisted free colonists in defending the Georgia-Florida border. d. the slave population exceeded the free population. e. All of the above.
Suppose an individual discovers the mouth of a previously unknown cave (expected to contain a single large diamond) on his property that extends under land owned by others. To arrive at an economically efficient outcome with low transaction cost, the law will:
a. award the diamond to the person who locates the diamond first. b. award the diamond and cave to the person whose land it opens into. c. award the diamond to the owner of the land above it. d. award the diamond to each of the owners under whose land the cave passes.
Which of the following is not a factor of production?
A. A bulldozer. B. Six thousand acres of farmland. C. A psychiatrist. D. $100,000 cash.