YearCPI2010952011100201210520131042014106According to the table shown, what can be said about the cost of living in 2012?
A. Every consumer will experience a 5 % increase in his cost of living from 2011.
B. The typical consumer must spend 5 % more in 2012 than he did in 2011 in order to buy the same goods.
C. Whatever consumers bought in 2012 cost 5% more than what they spent in 2011.
D. None of these statements is true.
Answer: B
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a. True b. False Indicate whether the statement is true or false
Which of the following is accurate concerning WTO membership?
a. No state has ever left the group. b. The organization had 100 members as of 2015. c. The largest members in terms of GDP are Iran and Algeria. d. States are no longer eagerly seeking membership as they had in the past.
Figure 9.5Figure 9.5 shows the short-run and long-run effects of an increase in demand of an industry. The market is in equilibrium at point A, where 100 identical firms produce 6 units of a product per hour. If the market demand curve shifts to the right, which of the following statements is true in the short run?
A. The market price rises to $12, which is greater than the average total cost. B. Each existing firm maximizes its profit by producing the output where marginal cost equals $12. C. Each existing firm produces two more units per hour, compared to its initial profit maximizing output level at point A. D. All of these are correct.
Suppose the government changes the tax code so that it is much simpler-there are fewer rules, fewer deductions, and fewer calculations to perform. Describe, using a supply and demand diagram, what would happen in the market for tax accountants.
What will be an ideal response?