Suppose that the CPI in 2009 is 220 and that the inflation rate is 5% in 2010 . What is the CPI in 2010?
The CPI in 2010 is 231.
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If demand in a perfectly competitive market decreases, supply will:
A. decrease in the short run. B. increase in the short run. C. increase in the long run. D. not change in the short run.
From 1970 to 1995, American productivity
A. decreased. B. remained the same. C. increased at a slower rate. D. increased at a faster rate.
Matt is offered a job driving the campus shuttle bus from 4 p.m. to 6 p.m. each Monday. His reservation wage for this job is $7 per hour. Suppose the campus transportation director offers Matt $50 per hour. Will Matt accept this job?
A. No, accepting the job means a negative economic surplus for Matt. B. Yes, although accepting the job means a negative economic surplus for Matt, it's still better than having no job. C. No, although accepting the job means a positive economic surplus for Matt, still it's not the best option for him. D. Yes, accepting the job means a positive economic surplus for Matt.
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. If this economy opens to trade while the world price of a car is $6,000, and the government imposes a quota allowing 3,000 cars to be imported, then the winners are ________.
A. domestic producers and import permit holders B. domestic producers and the government C. domestic consumers D. domestic consumers and import permit holders