Each week, the Bureau of Labor Statistics computes and reports the consumer price index
a. True
b. False
Indicate whether the statement is true or false
False
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Because resources are scarce relative to wants, the study of economics concerns
A. how money is important to people. B. how money is used to buy what people want. C. how individuals, businesses, and governments make choices. D. None of these are correct.
Under autarky, consumer surplus is represented by the area
A) above the supply curve and below the equilibrium price. B) above the supply curve and below the demand curve. C) below the demand curve and above the equilibrium price. D) above the demand curve and below the supply curve.
Because of technological change, oil companies like Chevron were able to produce almost twice as much output from refineries in 2016 as in 1950 while using 60 percent fewer workers. This represents ________ in output per worker, which is also known as
________. A) an increase; labor productivity B) a decrease; structural unemployment C) an increase; crowding out D) a decrease; capital growth
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.