In 1969, Malcolm bought a Pontiac Firebird for $2,500 . If the price index was 36.7 in 1969 and the price index was 235 in 2013, then what is the price of the Firebird in 2013 dollars?
a. $4,609.57
b. $4,957.51
c. $13,508.17
d. $16,008.17
d
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Compared to taxing pollution, an advantage of auctioning pollution permits is that:
A. it allows the public to directly reduce pollution by purchasing permits. B. it ensures that all firms reduce pollution by the same amount. C. the largest reductions in pollution are made by the firms that can do so the most cheaply. D. auctioning permits raises revenue for the government.
________ in taxes will decrease consumption spending, and ________ in transfer payments will increase consumption spending
A) A decrease; a decrease B) An increase; an increase C) An increase; a decrease D) A decrease; an increase
Consumers have been buying fewer CDs as downloadable music has become easier to purchase and use. We would represent this as
A) a leftward shift of the demand curve for CDs. B) a rightward shift of the demand curve for CDs. C) a change in the price of CDs. D) a leftward shift of the supply curve for downloadable music.
Which of the following steps should Bufton Dairy, a firm selling dairy products, take in order to earn positive economic profits?
a. Offering products that are identical to those of its rivals b. Producing at the highest point on its average total cost curve c. Acquiring most of its rivals d. Selling only one dairy product