The consumer price index measures:
a. the cost of all goods and services produced in the U.S. economy
b. the average change over time in the selling prices received by domestic producers for their output.
c. the cost of a fixed market basket of consumer goods and services produced in the U.S. economy.
d. the ratio of an economy's nominal GDP to its real GDP.
e. the income distribution of an economy.
c
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Mortgages issued to individuals with low incomes and poor credit history are called
A) credit mortgages. B) teaser mortgages. C) subprime mortgages. D) income mortgages.
A firm has $200 million in total revenue and explicit costs of $190 million. Suppose its owners have invested $100 million in the company at an opportunity cost of 10 percent interest rate per year. The firm's economic profit is:
a. $100 million. b. $400 million. c. $80 million. d. zero.
A hedonic wage function could be applied to which of the following job characteristics?
A. the degree to which the area surrounding the job location is safe B. the degree to which a job involves monotonous work C. the probability of being injured on the job D. the degree to which a job involves strenuous work E. All of the above can be represented with a hedonic wage function.
Refer to the information provided in Table 24.6 below to answer the question(s) that follow.Table 24.6All Figures in Billions of Dollars
Refer to Table 24.6. The MPS
A. is 0.8. B. is 0.2. C. is 0.1 D. cannot be determined from the available information.