In 2012, consumers in Dexter consumed only books and pens. The prices and quantities for 2012 and 2013 are listed in the table above. The reference base period for Dexter's CPI is 2012. What is the cost of the CPI basket in 2013?
A) $430
B) $335
C) $320
D) $540
D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
A student who just graduated from college but has not found a job would most likely be
A) cyclically unemployed. B) frictionally unemployed. C) seasonally unemployed. D) structurally unemployed.
BOGOs, i.e., buy-one, get-one-free offers, are an example of third-degree price discrimination
Indicate whether the statement is true or false
A government-sponsored good is one that
A. the political process has determined is socially desirable. B. is desirable to no one but ruled desirable by the court system nonetheless. C. freely competitive markets have determined is socially desirable. D. everyone agrees is socially desirable.