Michael Jordan's rookie salary in 1984 was $550,000 . The CPI in 1984 was 103.9, while the CPI in 2010 was 218.1 . What is Michael Jordan's rookie salary in 2010 dollars?
$1,154,524
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Which is an example of a negative externality?
A) A tornado B) A hurricane C) A flood D) All of the above. E) None of the above.
If the economy is characterized by increasing returns to scale, then a
A) doubling of inputs will lead to a more than two-fold increase in output. B) doubling of inputs will lead to a constant output. C) doubling of inputs will lead to a two-fold increase in output. D) doubling of inputs will lead to a less than two-fold increase in output.
A perfectly elastic demand is one in which the:
A. demand curve is perfectly vertical. B. demand curve is perfectly horizontal. C. price elasticity is exactly 1. D. response to a change in price is immediate.
If the taste for a good increases, the
A. demand curve will shift to the left. B. supply curve will shift to the left. C. supply curve will shift to the right. D. demand curve will shift to the right.