Use the following table, which lists output quantities and prices for the only three goods in the economy, to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.00100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250The Consumer Price Index for the year 2009 is
A. 50.
B. 200.
C. 100.
D. 150.
Answer: B
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The cost borne by a producer in the production of a good or service is called
A) internal cost. B) social cost. C) public cost. D) private cost.
Use the above figure. The profit-maximizing or loss minimizing output and price will be
A) Q1 and P2. B) Q2 and P3. C) Q3 and P3. D) Q4 and P1.
According to the text, what is the largest source of earned income for U.S. households?
A. Wages and salaries. B. Corporate profits. C. Proprietors' income. D. Interest.
Firms cannot enter an industry in which positive profits are being earned in
A. the short run. B. the long run. C. the short run and in the long run. D. As long as positive profits are being earned, firms can enter the industry in both the short run and the long run.