The CPI (using a 2000 base year) for 1965 is 26.0 . Suppose a household's annual take-home pay in 1965 was $8,320 . What would be an equivalent home pay in 2000?
a. $10,483.
b. $21,632.
c. $23,680.
d. $32,000.
d
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As the banking system in the United States evolves, it is expected that
A) the number and importance of small banks will increase. B) the number and importance of large banks will decrease. C) small banks will grow at the expense of large banks. D) the number and importance of large banks will increase.
Economists assume consumers select a bundle of goods that maximizes their well-being subject to
A) their budget constraint. B) their income. C) relative prices. D) their marginal rate of substitution.
Lessons about the nature of economic processes will likely emerge from the analysis of transitional economies
a. True b. False
On the graph above, what area represents consumer surplus when the price is $10?
A. A B. B C. C D. A and B E. B and C