If the consumer price index is 120 in 2009 and 139.2 in 2010, then the rate of inflation for 2010 is 39.2 percent
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the only characteristic of beer that a consumer cares about is alcohol content. Currently, Bud Light and Miller Lite have the same alcohol content.
a. Using 
to denote ounces of Miller Lite and 
to denote ounces of Bud Light, what's the simplest possible utility function that can describe this consumer's tastes over the two products.
b. Suppose Bud Light
lowers its alcohol content by 50%. How would you change the utility function to account for this? c. Derive the MRS for the functions in (a) and (b) --- and interpret your answer. What will be an ideal response?
A tax on buyers decreases demand
a. True b. False Indicate whether the statement is true or false
A new firm enters a market which is initially serviced by a Cournot duopoly charging a price of $10. What will the new market price be should the three firms coexist after the entry?
A. Below $10 B. $10 C. Above $10 D. None of the answers is correct.
Which government reform or program did not occur in the 1930s?
A. the creation of the Federal Deposit Insurance Corporation (FDIC) B. the GI bill of rights C. the creation of the Securities Exchange Commission D. the Social Security System