Comparing the core inflation rate to the Consumer Price Index, the core inflation rate
A) controls for the biases of the CPI.
B) uses current period quantities, not base period quantities.
C) measures all goods produced, not just consumer goods.
D) includes volatile elements not in the CPI.
E) excludes the volatile elements of the CPI.
E) excludes the volatile elements of the CPI.
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Joe consumes pizza and movies. He is currently spending his entire income and his marginal utility of pizza is 15 and his marginal utility of movies is 10
If the price of a pizza is $10 and the price of a movie is $5, then to maximize his utility Joe should A) increase consumption of pizza and decrease consumption of movies. B) increase consumption of movies and decrease consumption of pizza. C) not change his current bundle of movies and pizza. D) increase consumption of both goods.
When all players are choosing their best strategies on the assumption that their opponents are doing likewise, the outcome is called:
a. a Stackelberg equilibrium. b. a Nash equilibrium. c. a Cournot equilibrium. d. a Bertrand equilibrium.
The price of imported oil decreased in 2001. How did this affect the aggregate supply curve?
A. The aggregate supply curve became steeper. B. The aggregate supply curve became flatter. C. The aggregate supply curve shifted inward. D. The aggregate supply curve shifted outward.
The revenue earned by the government in allocating quota licenses through resource-using application procedures is approximately equal to the revenue it would earn from a tariff that resulted in the same import quantity.
Answer the following statement true (T) or false (F)