In the above figure, the rise in the price of a gallon of gasoline that created the movement from point C to point A would be shown as a movement ________ along the demand curve for ________
A) upward; coffee
B) downward; coffee
C) upward; gasoline
D) downward; gasoline
C
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The CPI is calculated by the Bureau of Labor Statistics on a frequency of every
A) week. B) month. C) quarter. D) year. E) decade, along with the Census.
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 40 units of clothing but no food. Suppose each has the utility function U = F ? C. The price of clothing is always $1
What is the competitive equilibrium price for food? A) $5 B) $4 C) $3 D) $2
Constant returns to scale indicate that a firm is experiencing:
a. per unit costs of production that are decreasing as the scale of output expands. b. per unit costs of production that do not vary with the scale of output c. per unit costs of production that are increasing as the scale of output expands. d. A decreasing marginal product.
Suppose the U.S. dollar weakens against the euro and other major currencies. We know with certainty that this weakening of the dollar will cause which of the following to occur?
A. a deflationary gap B. a recessionary gap C. an inflationary gap D. none of these