CPI refers to
a. the cost of producing a market basket of goods.
b. the price of a market basket of goods.
c. the Consumer Price Index.
d. both the price of a market basket of goods and the Consumer Price Index.
d. both the price of a market basket of goods and the Consumer Price Index.
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When the price of good X rises, the demand for good Y falls. Explain what this relationship implies about the two goods
What will be an ideal response?
Procrastination, addiction, and honesty
a. may be explained by preferences that are not transitive b. violate the economist's assumption that "more is better" c. help to explain why the substitution effect is more powerful than the income effect d. are often inconsistent with narrowly defined rationality e. are inferior economic "goods".
Usury laws are often politically popular because
a. few people sympathize with banks and other lenders who are suspected of price gouging. b. consumers are in favor of the lower lending rates. c. those concerned with affordable housing for the poor favor ceilings on mortgage rates. d. All of the above are correct.
Workforce explanations of the productivity changes in the 1973-1995 period include
a. rising SAT scores. b. declining SAT scores. c. rising educational attainment. d. falling levels of average educational attainment.