Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. If 2014 is the base year, the price index in 2015 is
A. 93.9.
B. 94.2.
C. 105.8.
D. 106.1.
Answer: D
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Answer the next question on the basis of the following cost data for a perfectly competitive firm.Total ProductAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$100.00$17.00$117.00$17250.0016.0066.0015333.3315.0048.3313425.0014.2539.2512520.0014.0034.0013616.6714.0030.6714714.2915.7130.0026812.5017.5030.0030911.1119.4430.55351010.0021.6031.6041119.0924.0033.0948128.3326.6735.0056Which of the following represents the firm's short-run supply schedule?(1)(2)(3)(4)PQsPQsPQsPQs$5012$5012$5011$50114220421142104210368369369369328328328328206206206206130135130135
A. Table (1) B. Table (2) C. Table (3) D. Table (4)
Private investment spending escalated during the post-World War II era (1945–50)
Indicate whether the statement is true or false
Regarding costs, which of the following statements is true?
a. costs can be measured in different ways b. costs appropriate for financial reporting purposes are appropriate for decision-making purposes c. the relevant cost in economic decision making is the initial cost d. sunk costs should always be considered in making operating decisions e. none of these is true
According to the law of one price,
a. there exists only one price that will clear a competitive market. b. the long-run price of a commodity will equal the marginal cost of production. c. identical goods will sell for identical prices. d. the price of a good must equal the value of the labor used to produce it.