In September 2008, the MONTHLY rate of inflation in Zimbabwe approached 489 BILLION percent. An inflation rate such as this would:
A. seriously disrupt normal commerce.
B. decrease the natural rate of unemployment.
C. be too high to calculate using the CPI.
D. All of these
Answer: A
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The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $450 per month as the legal maximum rent, consumer surplus will be
A) a. B) a + b + f. C) a + b + c. D) a + b + c + f + g.
_____________ time use investigates the meaning or significance of time use and how individuals feel about time use
a. Episodic b. Quantitative c. Qualitative d. Derisive
. Saturday afternoon you can either attend a street festival, work and earn $100, or study for your midterm exam. You flip a coin between the street festival and studying, but did not really consider working. The coin flip determined that you would stay home and study. The opportunity cost of the time spent studying includes:
A. the loss of $100 worth of wages and going to the street festival. B. earning a high score on your midterm. C. the benefit that could have been received at the street festival. D. The time you spent deciding upon using a coin flip to determine your Saturday afternoon activity.
The marginal revenue product
a. tells how many dollars the marginal physical product is worth. b. is the marginal physical product times price of the product under perfect competition. c. is the marginal physical product times marginal revenue. d. All of the above are correct.