The consumer price index for the current year measures the cost of a standard basket in the ________ year relative to the cost of the same basket in the ________ year.
A. current; current
B. base; current
C. base; index
D. current; base
Answer: D
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Which term refers to a legally established maximum price that firms may charge?
A) a tariff B) a price ceiling C) a price floor D) a subsidy
Assume the United States is considering either a tariff or a quota to protect motorcycles
For each of the following groups, list whether they should prefer either the tariff or the quota, or be indifferent between the two: importer of motorcycles, taxpayers, foreign producer of motorcycles.
Which of the following is NOT true of sexual harassment?
a. The claimant must be able to prove a hostile work environment was created b. sexual harassment is any repeated, unwanted behavior of a sexual nature c. sexual harassment can apply to physical actions, words, images and written material d. the primary factor in sexual harassment cases is the intent of the action
Which of the following is not an accurate summary of the equilibrium associated with a single competitive labor market?
A. Firms receive surplus equal to the area above the wage rate and below the demand for labor. B. Total economic surplus is maximized. C. Total firm surplus equals total worker surplus. D. All workers are paid the same market-clearing wage. E. Workers receive surplus equal to the area below the wage rate and above the supply of labor.