If the consumer price index (CPI) was 125 at year-end of 2008 and 132.5 at year-end 2009, inflation during 2009 was
a. zero; prices were stable during 2009.
b. 6.0 percent.
c. 7.5 percent.
d. 12.5 percent.
B
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Suppose the sweater manufacturing technology enables sweater makers to experience constant returns to scale over the range between 4,000 and 10,000 . If their long-run average total cost curve is U-shaped, what must be true? a. Long-run average costs will be lowest when the firm produces as many sweaters as possible
b. The total cost of producing 10,000 sweaters is more than the total cost of producing 11,000. c. The total cost of producing 2,000 sweaters is half the total cost of producing 4,000. d. The ATC of producing 3,000 sweaters is the same as the ATC of producing 11,000. e. Producing fewer than 4,000 or more than 10,000 sweaters is not efficient.
Which of the following accurately describes the difference between D2 and D3?
a. D2 shows an increase in demand; D3 show a decrease in demand.
b. D2 shows a decrease in demand; D3 show an increase in demand.
c. D2 shows an increase in price; D3 shows a decrease in price.
d. D2 shows a decrease in price; D3 show an increase in price.
Which of the following is the best example of an investment in human capital?
A. on-the-job training received by an apprentice electrician B. an increase in the number of hours worked per week by a worker in an unskilled laboring job C. the purchase of company stock by a worker D. payments into a retirement pension plan by a skilled laborer
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The average product of labor with four workers is
A. 3. B. 3.5. C. 4. D. 14.