The consumer price index is
a. not very useful as a measure of the cost of living.
b. a perfect measure of the cost of living.
c. a useful measure, but not a perfect measure, of the cost of living.
d. not used as a measure of the cost of living.
c
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If the price index last year was 100 and today it is 167, what is the inflation rate over this period?
A) 33 percent B) -67 percent C) -6.7 percent D) 167 percent E) 67 percent
The length of time before policymakers realize they need to intervene in the economy is called the
A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
"Every point on a budget line has an indifference curve passing through it." Explain whether the previous statement is correct or not
What will be an ideal response?
The production function is concave in labor because
A) the contribution to production of each additional unit of labor decreases. B) the marginal product of labor is increasing. C) the marginal product of capital is decreasing. D) the labor demand is downward sloping.