Which of the following prices is least likely to be included in the Consumer Price Index?
a. The price of used bicycles
b. The price of a haircut
c. The price of imported South American grapes
d. The price of a steamroller
e. The price of a loaf of bread
D
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In the Cournot model, if a firm's marginal cost increases, its best-response function will
A) shift inward. B) not change. C) shift outward. D) The shift is ambiguous.
The creation of the Social Security program caused a decrease in the labor force participation rate.
Answer the following statement true (T) or false (F)
Suppose a Boeing 777 is sold to a Chinese company for $250 million and resells it to a Hong Kong airline for $251 million. GDP will count this as
A. $251 million. B. nothing. C. $451 million. D. $250 million.
Last year, Casey grew fresh vegetables, which she sold at her local farmers market, but this year, Casey did not plant any vegetables and went to work at a bank instead. If Casey's decision to change careers did not affect the price of vegetables at the farmers market, then this suggests that:
A. the market demand for vegetables is perfectly inelastic. B. the demand for vegetables increased this year. C. the demand for vegetables did not change. D. the market for vegetables is perfectly competitive.