Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles.
B. an increase in economic growth.
C. an increase in unemployment.
D. a reduction in unemployment.
Answer: A
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Suppose the base year of the CPI is 2010, and the CPI calculated for 2012 was 102. What is the correct interpretation of this number?
A. Average prices in the economy have increased by 102 % since 2010. B. Average prices in the economy have increased by 1.9 % since 2010. C. The cost of living for a typical consumer is 2 % higher than it was in 2010. D. The average goods of all consumers has risen an average of 2 % from 2010 to 2012.
The three basic legal forms of business enterprise are
a. monopolists, competitors, and enterprises. b. vertical, horizontal, and conglomerate corporations. c. conglomerates, multinationals, and partnerships. d. proprietorships, partnerships, and corporations.
Exhibit 11-12 A monopsonist
In Exhibit 11-12, a profit-maximizing firm faced with this labor market will hire ____ workers and pay a wage of ____.
A. 60; $35 B. 60; $25 C. 60; $27 D. 70; $30
Price discrimination occurs when a firm sells
A. a given product at different prices to different ethnic groups. B. a given product at different prices when it is produced in different colors. C. a given product at different prices unrelated to differences in cost. D. a given product at different prices at different points in time.