The Bureau of Labor Statistics has chosen the price level from ________ to be the base price level used in calculating the CPI.
A. 2010-2015
B. 1982-1984
C. 1995
D. 1992
Answer: B
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When the borrowing constraint is binding, ________
A) wealth is zero B) current consumption is lower than future consumption C) future consumption is lower than current consumption D) consumption smoothing is not possible
In a competitive labor market, the demand for labor X that produces product Y will increase if the demand for product Y increases
a. True b. False Indicate whether the statement is true or false
Suppose seller X is willing to sell one good X for $5, a second good X for $10, a third for $16, a fourth for $25, and the market price is $20 . What is seller X's producer surplus?
a. $15 b. $20 c. $22 d. $29
The addition to total revenue resulting from one more unit of output is called marginal revenue
a. True b. False Indicate whether the statement is true or false