If the CPI was 101.7 in 2006 and 101.5 in 2007, it can be concluded that
a. 2001 was the base year
b. all goods were more expensive in 2007 than in 2006
c. all goods were less expensive in 2007 than in 2006
d. all goods were less expensive in 2006 than in 2007
e. the price level fell from 2006 to 2007
E
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When per capita real GDP is increasing, real output is growing
a. more rapidly than prices. b. more rapidly than population. c. less rapidly than prices. d. less rapidly than population.
A college graduate earns nearly _____________ a person with just a high school diploma.
A. one-third more than B. half again as much C. two-thirds more than D. twice as much
Jane is a student at a university. She pays $10,000 per year in tuition, $4,000 per year in living expenses, and $800 per year for books. Were she not in school, she could earn $20,000 per year working as a bookkeeper and she would not live with her parents. What is her economic cost of a year in college?
A. $10,000 B. $13,000 C. $30,800 D. $34,800
An industry with a ________ long-run supply curve is called an increasing-cost industry.
A. positive sloping B. horizontal C. backward bending D. negative sloping