The CPI is a measure of the overall cost of the goods and services bought by
a. a typical firm.
b. the government.
c. a typical consumer.
d. All of the above are correct.
c
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In game theory, behavior that results in cooperation as long as the other players continue to cooperate, is referred to as
A) nice behavior. B) tit-for-tat strategic behavior. C) simple behavior. D) opportunistic behavior.
The substitution effect of a price change is depicted by a
a. movement along the budget constraint holding satisfaction constant. b. shift in the budget constraint at the old prices. c. movement along the consumer's new indifference curve at the new prices. d. movement along the original indifference curve to the point where the marginal rate of substitution equals the price ratio for the new set of prices.
In 2009, the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000 . In 2010 the population was 7,300 and real GDP of 223,380 . Over the year in question, real GDP per person in Mainland grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
This graph depicts the demand for a normal good. 
Suppose Johnny was consuming a normal good at point A in the figure shown, but has just received a raise at work. Johnny's demand may:
A. increase to point B. B. be unaffected. C. drop to zero. D. increase to point C.