Inflation can be measured by the
a. change in the consumer price index. Inflation in the U.S. has averaged about 2.5% over the last 80 years.
b. change in the consumer price index. Inflation in the U.S. has averaged about 4% over the last 80 years.
c. percentage change in the consumer price index. Inflation in the U.S. has averaged about 3.6% over the last 80 years.
d. percentage change in the consumer price index. Inflation in the U.S. has averaged about 4% over the last 80 years.
c
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The above table shows the distribution of wealth and income in Miseria. What percent of wealth is owned by the poorest twenty percent?
A) 0 percent B) 2 percent C) 3 percent D) 5 percent
In a diagram showing the average total cost and average variable cost curves, the minimum point of the average total cost is
A) at the same level of output as the maximum of the total product curve. B) at a lower level of output than the minimum point of the average variable cost. C) at a larger level of output than the minimum point of the average variable cost. D) at the same level of output as the minimum point of the average variable cost.
What happens to quantity demanded when price is lowered?
A. It rises B. It falls C. It stays the same D. It cannot be determined if it rises, falls, or stays the same
A purely self-interested diner is more likely to tip:
A. whenever he can afford to. B. always, to assure good service. C. only when dining in a restaurant at which he often eats. D. only when dining in a very up-scale restaurant.