What is a criticism of the CPI?
The “average” market basket does not reflect the actual basket that many consumers purchase.
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How do automatic stabilizers work to mitigate fluctuations in the level of economic activity?
What will be an ideal response?
According to the Phillips curve, what is the relationship between unemployment and inflation?
a. There is no relationship. b. There is a direct relationship. c. There is an inverse relationship. d. There is an equilibrium relationship.
Superstars earn high incomes due to their ability to satisfy the demands of millions of people at once
a. True b. False Indicate whether the statement is true or false
Which of the following is explained by the law of diminishing marginal utility?
A) The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her friend Margie's third pretzel. B) The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her third pretzel. C) The total utility of one bottle of Coca-Cola is greater than the total utility of two bottles of Coca-Cola. D) The marginal utility of Isabel's second bottle of Coca-Cola is greater than the marginal utility of her third bottle of Coca-Cola.