In 1949, Sycamore, Illinois built a hospital for about $500,000 . In 1987, the county restored the courthouse for about $1.7 million. A price index for nonresidential construction was 24 in 1949, 108 in 1987, and 126.5 in 2000 . According to these numbers, the hospital cost about
a. $2.1 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars.
b. $2.1 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
c. $2.6 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars.
d. $2.6 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
d
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A 2 percent wage increase for teachers or police officers
A. is usually offset by higher output per worker. B. leads to increases in municipal budgets. C. indicates that teachers and police have become more selfish. D. leads to more personalized service.
Requirements tie-in-sale is
a. Where customers have to purchase all their products from one store in variable proportions b. Where customer can mix and match products from different stores c. Where two or more products are sold together in fixed proportions d. Where you get discounts for buying in large quantities
Fiscal policy
a. is dangerous in the short run because it crowds out investment spending b. can change equilibrium GDP in the short run c. can change equilibrium GDP in the long run d. can change equilibrium GDP in both the long and the short run e. is dangerous in the long run because it triggers a multiplier effect
Ceteris paribus, which of the following would you expect to have no effect on the demand curve for new automobiles?
A. An increase in the price of new automobiles. B. Consumer expectations that the price of new automobiles will be lower next year. C. Consumer expectations that a significant recession will develop and last for a year. D. A rise in the price of gasoline.