According to the table shown, what can be said about the cost of living in 2010?
A. It was lower than in the base year.
B. People experienced a decrease in the cost of living because the CPI is less than 100.
C. People experienced an increase in the cost of living because the CPI isn't over 100.
D. There must have been a recession because the CPI is less than 100.
A. It was lower than in the base year.
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If the price of a pumpkin rises and consumers' total expenditure on pumpkins increases, then the demand for pumpkins is inelastic
Indicate whether the statement is true or false
When a firm charges $4.95 instead of $5.00, what do economists call this pricing strategy?
A) indirect pricing B) cost-plus pricing C) odd pricing D) unusual pricing
Answering the For Whom to Produce question means that:
A. society is determining the size of the economic pie, B. scarcity no longer restricts production. C. society must have a method to decide who will be rich and who will be poor. D. an economy is selecting among its resources for production.
If interest rates are positive, one dollar today is worth
A. nothing. B. more than a dollar a year from now. C. the same as a dollar a year from now. D. less than a dollar a year from now.