The CPI is calculated
a. monthly by the Department of Commerce.
b. monthly by the Bureau of Labor Statistics.
c. quarterly by the Department of Commerce.
d. quarterly by the Bureau of Labor Statistics.
b
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Comparative advantage is determined by the
a. elasticities of demand for a good in two countries b. opportunity costs of producing a good in two different countries c. presence of absolute advantages in production d. degrees of allocative efficiency within each economy e. amounts of resources required to produce a good in different countries
Market power allows firms to raise prices significantly above the competitive level
a. True b. False Indicate whether the statement is true or false
The net flow of financial assets and similar claims is the private current account balance.
Answer the following statement true (T) or false (F)
Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3
A) the quantity demanded is economically efficient but the quantity supplied is economically inefficient. B) too many consumers want to buy iced tea. C) the quantity supplied is greater than the economically efficient quantity. D) economic surplus is maximized.