Which of the following statements is true about the behavior of the CPI?
a. It has risen steadily since 1960.
b. It has fallen steadily since 1960.
c. It fell during the 1960s and has risen ever since.
d. It rose sharply in the 1970s and then declined in the 1980s.
e. It has risen and fallen with roughly equal frequency since 1960.
A
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Teddy buys only chocolate chip cookies and hot chocolate and spends all of his income on the two items. Suppose that Teddy's marginal utility per dollar from cookies exceeds that from hot chocolate. Teddy can make himself better off if he buys
A) more cookies and less hot chocolate. B) fewer cookies and more hot chocolate. C) an equal amount of cookies and hot chocolate. D) only hot chocolate.
Fair outcomes are the result of fair rules defines _____
a. a procedural theory of justice b. a constitutional theory of justice c. justice d. a consensus theory of justice
The legal tender requirement means that
a. people are more likely to accept the dollar as a medium of exchange. b. the government must hold enough gold to redeem all currency. c. people may not make trades with anything else. d. All of the above are correct.
Currency unions are rare because
A. speculative attacks are likely to occur. B. they're to no one's advantage. C. countries are reluctant to give up having their own currencies. D. having flexible exchange rates has the same benefits and none of the costs.