If the current period has a CPI of 143, then the amount of inflation since the base period is
A) 143 percent.
B) 157 percent.
C) 57 percent.
D) 43 percent.
E) unknown without knowing the base period's CPI.
D
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The economic way of thinking
A) studies facts without using theories. B) explains how social order and cooperation emerge from the actions of individuals. C) is free of biases and assumptions. D) includes all of the above features.
Utils are used by economists to measure the satisfaction a person obtains from consuming a good
Indicate whether the statement is true or false
When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping
a. True b. False Indicate whether the statement is true or false
Refer to the table at right. If the price of the product is? $1.50, and the marginal factor cost of an additional unit of an input is? $105, how many units of labor should be? hired?
A. 12
B. 11
C. 14
D. 13