The price tag on a tennis ball in 1975 read $0.10, and the price tag on a tennis ball in 2005 read $1.00. The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3. Refer to Scenario 24-1. The price of a 1975 tennis ball in 2005 dollars is
a. $0.03.
b. $0.27.
c. $0.37.
d. $1.00.
c. $0.37.
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William was asked to contribute money for a retirement home. He agreed to contribute only if his name appeared on the list of donators in the newsletter published by the home every year. This is an example of ________
A) rationalism B) liberalism C) impure altruism D) pure altruism
According to the simple circular flow concept, whenever planned investment is less than planned saving
a. total output and/or prices rise. b. total output and/or prices fall. c. prices fall and total output rises. d. prices rise and total output falls.
Most countries in the world have Gini coefficients ranging from:
A. 0.20 to 0.85. B. 0.25 to 0.60. C. 0.10 to 0.50. D. 0.30 to 0.40.
First and foremost, a market consists of
a. substitute goods b. complementary goods c. goods produced by the same firm d. goods produced with the same inputs e. goods that serve dissimilar purposes, which is why they are grouped