The base year is the year
a. in which prices are unstable.
b. in which prices are lowest.
c. in which prices are highest.
d. that serves as a reference point or benchmark.
e. in which nominal output is largest.
Answer: d. that serves as a reference point or benchmark.
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Which of the following is true of a used-car market?
A) Sellers have more information than the buyers. B) Gains from trade do not exist in this market. C) The cars sold are identical in quality. D) There is no consumer surplus in this market.
The table in the textbook shows that income elasticity of food in industrialized nations is
a. higher than in less industrialized nations b. negative c. income elastic d. lower than in less industrialized nations e. the same as in less industrialized nations because food is an essential good
When a business firm makes an investment in physical capital, that investment is subject to _____.
a. state and local government incentives b. economic output and productivity c. political orientated incentives d. the discipline of the market
School Board Voters' Ordered PreferencesDavidErnieFionaNew gymNew libraryNew computer labNew libraryNew computer labNew gymNew computer labNew gymNew libraryIf a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are in the given table, who will be happiest if the lab and library are voted on first?
A. David B. Ernie C. Fiona D. All people would be equally happy.