Suppose that the price of one ear of corn was $0.05 in 1920, that the CPI in 1920 was 10, and that in 1990 the CPI was 180 . What is the price of a 1920 ear of corn in 1990 dollars?
The price of a 1920 ear of corn in 1990 dollars is $0.90.
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A financial crisis is
A) not possible in the modern financial environment. B) a major disruption in the financial markets. C) a feature of developing economies only. D) typically followed by an economic boom.
What type of relationship exists between expected future income and consumption?
A. Positive B. Indirect C. Constant D. Negative
The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repairs, and reduced earnings of those affected by lead. This $1 billion can best be classified as:
A.) The benefits of government intervention. B.) The costs of government intervention. C.) Social costs of market failure. D.) Social costs of government failure
If the price of an input decreases, each individual firm's ________ shifts downward and the ________ shifts to the right.
A. demand curve; industry supply curve B. marginal cost curve; industry supply curve C. marginal revenue curve; marginal cost curve D. supply curve; marginal cost curve