The inflation rate between last year and this year was 14 percent. The CPI was 118 this year. What was the CPI last year?
A) 104.0
B) 103.5
C) 104.5
D) 105.0
E) 103.0
B
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Refer to the table below. Based on their comparative advantages, Pat should specialize in ________, and Corey should specialize in ________. Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. both making pizza and delivering pizza; neither making pizza nor delivering pizza B. making pizza; delivering pizza C. neither making pizza nor delivering pizza; both making pizza and delivering pizza D. delivering pizza; making pizza
What is a monopsony and how does a monopsonistic firm determine the wage rate to pay its employees?
What will be an ideal response?
When each country specializes in producing the good for which it has a comparative advantage:
A. both countries may benefit. B. both countries always enjoy equal gains from trade. C. the country that is bigger will gain more surplus. D. the country with the weaker economy will gain more surplus.
Which of the following is a source of government failure?
A) The lack of bureaucracy in government. B) The invisible hand. C) The enormous size and scope of government. D) Excessive flexibility.