During the 100 years before the Revolutionary war, shipping costs were reduced by nearly:
a. 10 percent.
b. 25 percent.
c. 50 percent.
d. 70 percent.
e. Shipping costs increased during that period.
c. 50 percent.
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One way to bring the inflation rate down is
a. to reduce excessive competition b. to increase government spending c. to aggregate across markets d. for the government to purposely cause a severe recession e. to reduce taxes
The consumer price index includes all of the following goods and services except
a. bonds of US corporations b. French wine c. Japanese VCRs d. used cars e. toiletries
The following table shows the aggregate supply and demand data for a country.
What is the equilibrium price level?
a. 200
b. 400
c. 500
d. 800
A theory of ________ that concludes that the social contract emerging from the original position would call for an income distribution that would maximize the well-being of the worst-off member of society is known as Rawlsian justice.
A. legal equity B. distributional justice C. labor value D. utilitarian justice