Inflation is measured using ________ in a price index.
A. the percentage year-to-year increase
B. the absolute increase
C. logarithm adjusted absolute increase
D. a multi-year weighted average increase
Answer: A
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A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is:
a. $1. b. $20. c. $90. d. $900. e. $920.
Often, improvements in technology can:
A. lead to more improvements in technology. B. lead to sustainable rates of growth in income for a country. C. continuously increase the productivity of workers. D. All of these are true.
The tax burden falls more heavily on the side of the market that is more inelastic
a. True b. False Indicate whether the statement is true or false
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.