Consumers in a country buy only two goods, sneakers and manicures. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. The inflation rate between 2011 and 2012 is
A) $15.
B) 15.0 percent.
C) $10.
D) 10.3 percent.
E) 9.0 percent.
D
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By 1860, the U.S
(a) had achieved an equal distribution of income and wealth. (b) had experienced growth in both agriculture and manufacturing, but growth in manufacturing had begun to outpace agriculture. (c) land had become the primary income-earning asset. (d) experienced a slowdown in urbanization and rapid expansion in agriculture at the expense of manufacturing.
If producing more output increases average cost then
A) there are diseconomies of scale. B) there are economies of scope. C) there are diseconomies of scope. D) there are no economies of scale.
The "no shirking constraint" (NSC) curve never crosses the supply of labor curve, so
A) the market never reaches equilibrium. B) there is always full employment in equilibrium. C) there is always some unemployment in equilibrium. D) the efficiency wage is always lower than the market-clearing wage. E) the gap between the NSC curve and the supply of labor curve equals the difference between the efficiency wage and the market-clearing wage.
When oil prices increased to record levels in the 1970s, salaries dramatically increased for petroleum geologists skilled in finding oil. Those geologists who moved from other areas to the higher paying jobs were
a. seeking to profit from society's needs rather than following the guidance of the invisible hand, which would have led them to seek jobs serving society rather than jobs with higher pay. b. following the guidance of the invisible hand and probably serving society's best interests as well as their own. c. causing oil prices to rise even more by moving to jobs with higher salaries. d. helping themselves but hurting the economy.