Refer to Table 9-2. Assume the market basket for the consumer price index has two products — bread and milk — with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118.
B) 116.
C) 86.
D) 85.
B
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The belief that if you paid more for something it must be more valuable to you is known as:
A. projection bias. B. the sunk cost fallacy. C. the hot-hand fallacy. D. narrow framing.
In the vicious cycle of discrimination,
a. a lower wage causes current job discrimination b. a lower wage causes premarket discrimination c. premarket discrimination leads directly to current job discrimination d. employee discrimination causes employer discrimination e. premarket discrimination leads to lower human capital investment
An increase in aggregate supply that has been brought about by changes in any other factor than the price level will cause _____
a. the aggregate supply curve to shift rightward b. the aggregate supply curve to shift leftward c. an upward movement along the aggregate supply curve d. a downward movement along the aggregate supply curve
If foreign citizens earn less income in the U.S. than U.S. citizens earn in foreign countries,
a. U.S. net factor payments from abroad are positive, and its GDP is larger than its GNP. b. U.S. net factor payments from abroad are positive, and its GNP is larger than its GDP. c. U.S. net factor payments from abroad are negative, and its GDP is larger than its GNP. d. U.S. net factor payments from abroad are negative, and its GNP is larger than its GDP.