How is the typical market basket determined for the Consumer Price Index (CPI)?
a. By the President
b. By the U.S. Congress
c. By a survey of the spending patterns of thousands of businesses
d. By a survey of the spending patterns of thousands of government agencies
e. By a survey of the spending patterns of thousands of households
E
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Which of the following is likely to be an unreported economic activity?
A) the brokerage fees paid to a broker at Merrill Lynch B) the purchase of shares of stock in Walgreen's Pharmacy C) a $250,000 bonus paid to the CEO of a company D) tips paid to a taxi driver E) the minimum wage paid to a teenager working at a McDonald's
________ in the foreign interest rate causes the demand for domestic assets to ________ and the domestic currency to depreciate, everything else held constant
A) An increase; increase B) An increase; decrease C) A decrease; increase D) A decrease; decrease
The prospect of a recession in the United States would probably cause the dollar to
a. depreciate because interest rates would be expected to rise. b. depreciate because imports would be expected to rise. c. appreciate because imports would be expected to fall. d. appreciate because interest rates would be expected to decrease.
Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below.Mega Corp: TC = 5,000 + 100QBig Inc: TC = 4,000 + 200QIf each firm produces 10 units, Mega Corp's total cost will be ________, and Big Inc's total cost will be ________.
A. $15,000; $14,200 B. $5,000; $4,000 C. $5,100; $4,200 D. $6,000; $6,000