The inflation rate is calculated
a. by determining the change in the price index from the preceding period.
b. by determining the change in the price index from the base year.
c. by determining the percentage change in the price index from the preceding period.
d. by determining the percentage change in the price index from the base year.
c
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Which of the following acts prohibits directors of one company from sitting on the board of a competitor?
a. Sherman Act b. Federal Trade Commission Act c. Robinson-Patman Act d. Clayton Act
Thirsty Thelma owns and operates a small lemonade stand. When Thelma is producing a low quantity of lemonade she has few workers and her equipment is not being fully utilized. Because she can easily put her idle resources to use,
a. the marginal cost of an extra worker is large. b. the marginal cost of one more glass of lemonade is smaller than if output were high. c. the marginal product of an extra worker is small. d. her lemonade stand is likely to be crowded with workers.
Marcia is a white 23-year-old female, and Joan is a black 23-year-old female. Both Marcia and Joan were economics majors, and they graduated from the same college in the same year with the same GPA. Marcia and Joan both got identical jobs at a brokerage firm after graduating from college. They both work equally hard. Marcia earns $38,000 a year, and Joan earns $30,000 a year. Select the best
explanation for this wage difference. a. Marcia has less human capital than Joan. b. Marcia receives a compensating wage differential that Joan does not. c. Joan has been discriminated against because she is black. d. Marcia has been discriminated against because she is white.
Which of the three political philosophies discussed in the textbook, if any, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal?