A college graduate in 1972 found a job paying $7,200. The CPI was 0.418 in 1972. A college graduate in 2016 found a job paying $35,000. The CPI was 2.40 in 2016. The 1972 graduate's job paid ________ in nominal terms and ________ in real terms than the 2016 graduate's job.
A. more; more
B. less; more
C. less; less
D. more; less
Answer: B
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Debt service is the amount:
A. of time and energy banks spend creating loans. B. of interest payments that need to be paid over the life of a loan. C. the nation is in debt, expressed as a percent of GDP. D. that consumers have to pay for their debts.
Perfect competition
A) has many sellers. B) homogenous products. C) free entry and exit. D) all of these choices.
The problem that economists consider is how an individual
a. actor's preferences are formed. b. actor decides to allocate scarce resources among competing ends. c. firm decides on means for influencing its buyers preferences. d. firm grows.
Suppose when a car wash has 2 washing stations and 5 workers and is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:
A. 100 cars per day. B. 150 cars per day. C. 5 cars per day. D. 50 cars per day.