Suppose that the government reports the following information on violent crime in a certain area: there were 1100 incidents in the base year (2007) and 1155 incidents in 2008 . The person collecting these data wants to present them in the form of an index. What is the index for 2008?
a. 100.0
b. 110.0
c. 116.0
d. 105.0
e. 95.2
D
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Imperfect knowledge about a product can cause:
a. excessive resources devoted to producing a product. b. consumers paying too high a price for a product. c. overconsumption of a product. d. all of the above answers are true. e. none of the above answers a.-c. are true.
When a monopolist sells two units of output its total revenues are $100. When the monopolist sells three units of output, its price per unit is $35. The monopolist's marginal revenue from selling the third unit of output is:
A. $5. B. $33.33. C. $35. D. $105.
According to Dallas Federal Reserve economist W. Michael Cox, taken to its extreme, the logic of "buying American" implies that:
A. we should buy everything from abroad. B. people should only consume what they can produce themselves. C. consumers should only buy goods from other states. D. the best quality goods are found in the United States.