If the Consumer Price Index (CPI) had a value of 128 in 2007, this means that during the period between the base year and 2007:
A. All prices increased by 28 percent.
B. All prices increased by an average of 1.28 percent.
C. Prices of goods and services that the typical consumer buys increased by an average of 28 percent.
D. Prices of goods and services that the typical consumer buys increased by an average of 128 percent.
C. Prices of goods and services that the typical consumer buys increased by an average of 28 percent.
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Use the following table to answer the next question and assume that the total fixed cost incurred by the firm is $500.OutputTotal Variable Cost1$400272031,00041,40052,00063,600The total cost associated with the production of 5 units of output is
A. $2,000. B. $2,500. C. $3,000. D. $1,500.
What is the difference between labor's marginal product and marginal revenue product?
A) The marginal product of labor is the additional labor's contribution to the firm's total output while the marginal revenue product is the additional labor's contribution to the firm's total sales revenue. B) Labor's marginal product is a measure of labor's productivity while labor's marginal revenue product is a measure of labor's ability to sell the firm's products. C) The marginal revenue product of labor is the dollar value of hiring an additional worker while the marginal product of labor is the increase in the firm's physical output as a result of hiring an additional worker. D) The marginal product of labor is the increase in output as a result of hiring an additional worker while the marginal revenue product of labor is the increase in profit as a result of hiring an additional worker.
One common mistake in applying the demand and supply framework is to confuse:
a. the shift of a demand or supply curve with movement along a demand or supply curve. b. whether the supply or demand curve is impacted by the change. c. the increase in demand with a shift in the supply curve. d. the increase in supply with a shift in the demand curve.
The legislation passed by Congress in 1890 to reduce the market power of large and powerful "trusts" was the
a. Morgan Act. b. Sherman Act. c. Clayton Act. d. 14th Amendment.