According to this Application, cell phones were introduced to the public in 1983, but it took the Bureau of Labor Statistics ________ to include them in calculating the CPI
A) 3 years B) 7 years C) 15 years D) 24 years
C
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When there is an abrupt increase in the rate of inflation,
a. the actual rate of inflation will tend to fall below the natural rate. b. the actual rate of inflation will tend to rise above the natural rate. c. the actual and natural rate of inflation will generally be equal. d. the natural rate of unemployment will tend to rise.
Private disposable income equals
A. national income - taxes + transfers + interest. B. GNP - taxes + transfers + interest. C. national income - taxes - transfers + interest. D. NNP - taxes + transfers + interest.
The Lend Me Your Ears Company monopolizes the production of a specialized hearing aid. The Lend Me Your Ears Company will find it profitable to increase the production of the hearing aids as long as marginal revenue is
A. equal to marginal cost. B. less than marginal cost. C. greater than marginal cost. D. positive.
In general, a change in the price of a good:
A. usually has no effect. B. causes both an income and substitution effect. C. causes a substitution effect only. D. causes an income effect only.