The Consumer Price Index (CPI)
a. measures the prices of all goods produced in the economy
b. includes prices of raw materials
c. is found by averaging the prices of all goods consumed in the economy
d. includes only the prices of domestically produced consumer goods
e. includes the prices of some used consumer goods
E
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Refer to Scenario 10.5. How many garden hoses should be produced in California in order to maximize profits?
A) 1 B) 2 C) 3 D) 4 E) 5
All of the following are intangible except: a. health
b. love. c. computer programming expertise. d. All of the above are intangible goods.
If a budget surplus leads to a decrease in U.S. real interest rates, the lower rates will tend to cause
a. the dollar to appreciate. b. the dollar to depreciate. c. a decrease in private investment. d. a decrease in net exports.
Hotels in New York City frequently experience an average vacancy rate of about 20 percent (i.e., on an average night, 80 percent of the hotel rooms are full). This kind of excess capacity is indicative of what kind of market?
a. monopoly b. perfect competition c. monopolistic competition d. oligopoly