Changes in conditions of supply and demand lead to price changes. For which of the following types of goods is the change in price likely to occur most quickly?
A) Commercial rents
B) Hourly labor
C) Public utilities
D) Residential rents
E) Retail groceries
E
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Which of the following statements is most correct?
A. Money growth is the result of inflation. B. It is impossible to have high, sustained inflation without monetary accommodation. C. There is no clear link between high, sustained inflation and the monetary aggregates. D. The current rate of inflation is the result of money growth.
Dan and Dave are both college graduates. Dan is a patrolman and Dave is a detective in the same police precinct. While Dan's job is inherently more dangerous than Dave's, Dave passed a difficult exam to gain promotion to detective. Dave earns more than Dan because
a. Dave's job is less dangerous. b. of efficiency wages. c. of education as a signal. d. Dave has more human capital.
If the prices of substitutes for apples should rise and nothing else changes, then:
(a) The demand for apples will tend to increase. (b) The supply of apples will almost certainly increase. (c) The demand for apples will probably fall. (d) The demand for, and supply of, apples will fall.
Which of the following is one of the widely-acknowledged problems with the consumer price index (CPI) as a measure of the cost of living?
What will be an ideal response?