Refer to Scenario 12.1 At the assumed annual inflation rate of 5 percent, approximately how much will the $6.00 pack of cigarettes cost in 30 years, when Jennifer reaches the retirement age of 60?
A) $16 B) $21 C) $33 D) $47
C
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If the president begins making laws that citizens must abide by or be punished based on the opinion of the president, this is called the:
A. rule of man B. rule of one C. rule of force D. rule of law
The presence of adverse selection in a market causes:
A. some transactions to fail to take place. B. a deadweight loss. C. market failure. D. All of these statements are true.
The personal preferences of an individual determine the point he or she chooses on the budget constraint
a. True b. False Indicate whether the statement is true or false
Which of the following is not a reason that the CPI overstates the cost of living?
A. The location of typical purchases is not adequately updated. B. There are too infrequent updates of the market basket. C. Substitution into nearly-equivalent goods is assumed to be more common than it is. D. Quality improvements are not adequately incorporated.