Economists believe that the CPI overstates actual price changes by as much as ________ to ________ percent each year
A) 2; 3 B) 1; 2 C) 0.5; 1 D) 0.5; 1.5
D
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Despite dramatic increases in trackage during the antebellum period, the U.S. was slow to develop an integrated railroad system. This was primarily due to
a. the opposition of municipal governments to railroads. b. the opposition of the federal government to railroads. c. the failure to adopt a standard gauge for track. d. heavy taxes on railroad companies.
Neo-Keynesians view the Phillips curve as a permanent relationship, unchanging over time
Indicate whether the statement is true or false
For firms operating in a perfectly competitive market, price must always be greater than marginal revenue
a. True b. False Indicate whether the statement is true or false
For a monopsonist, the labor supply curve is upward sloping because
A) the monopsonist must compete with other industries for that labor. B) the monopsonist requires that the laborers are highly skilled. C) the monopsonist is the only buyer in that labor market. D) the monopsonist restricts the supply of labor.