Which of the following measures the changes in the prices of a "market basket" of some 300 goods and services purchased by typical urban consumers?
A. The GDP Price Index
B. The Consumer Price Index
C. The Retail Trade survey
D. The Wholesale Price Index
B. The Consumer Price Index
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In an open economy, the quantity supplied of bushels of corn is ________. 
A. 300 million bushels B. 600 million bushels C. 900 million bushels D. 150 million bushels
A firm produces output according to the production function, q = L4/3K1/2 and faces input prices equal to w = $20 and r = $80. What is the minimum cost of producing 1140 units of output?
A) Cost = $780. B) Cost = $694 C) Cost = $2,071. D) Not enough information is given to answer this problem.
Comparing the United States to other economies, the United States is one of the ____ economy in the world
a. most government-supervised b. most privatized c. most government-owned d. least privatized
The impetus to form an administrative body in Europe after World War II to distribute Marshall Plan aid and coordinate trade and other common issues resulted in three organizations:
A) the WTO, the GATT, and the IMF. B) the European Payments Union, the UN, and the early roots of the European Union. C) the European Payments Union, the European Coal and Steel Community, and Euratom. D) the Eastern bloc, the Warsaw Pact, and NATO.