A consumer expenditure survey reports the following information on consumer protein spending: 20052006 PriceQuantityPriceQuantityFish$55$77Chicken$310$412Beef$67$510Using 2005 as the base year, by how much does a "cost of protein" index increase between 2005 and 2006?
A. 8.6 percent
B. 5.2 percent
C. 14.3 percent
D. 13.4 percent
Answer: D
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Which of the following statements is TRUE?
A) Labor is always a variable input. B) Capital is always a fixed input. C) Materials are always variable inputs. D) None of the above.
The central bank in the United States is known as the Federal Reserve System.
Answer the following statement true (T) or false (F)
Hyperinflation is:
A. an extremely low rate of inflation. B. frequently experienced in the United States. C. an extremely high rate of inflation. D. very erratic inflation.
A dedicated professor loves being in the classroom and would teach for $70,000 per year, but he is actually paid $80,000 per year. This individual
A) receives economic rent of $150,000. B) has an opportunity cost of $80,000. C) has an opportunity cost of $70,000. D) receives economic rent of $10,000.