Suppose the CPI was 104 in 1967, and suppose currently the CPI is 390 . According to the CPI, $10 in 1967 purchased the same number of goods and services as
a. $28.88 purchases today.
b. $37.50 purchases today.
c. $42.64 purchases today.
d. $104.00 purchases today.
B
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Individuals who face greater risks
a. are more likely to purchase insurance b. are less likely to purchase insurance c. are neither more nor less likely to purchase insurance d. are risk neutral
Price ceilings will likely
a. result in the accumulation of surpluses. b. increase the volume of transactions as we move along the demand curve. c. increase production as producers respond to higher consumer demand at the low ceiling price. d. result in the development of black markets.
Economic theory offers ______ about the full range of possible events and responses, which can prevent ______ about how households will respond to changes in prices or incomes.
A. two budget constraint theories; misguided possibilities B. systematic consumption choices; unrealistic conclusions C. one budget constraint theory; unrealistic possibilities D. a systematic way of thinking; misguided conclusions
A tractor used to prepare land for planting is called
A. land. B. physical capital. C. labor. D. human capital.