The consumer price index for Planet Econ consists of only two items: books and hamburgers. In 2015, the base year, the typical consumer purchased 10 books for $25 each and 25 hamburgers for $2 each. In 2017, the typical consumer purchased 15 books for $30 each and 30 hamburgers for $3 each. The consumer price index for 2017 on Planet Econ equals:
A. 1.00
B. 1.25
C. 1.45
D. 1.15
Answer: B
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Damian shares a small food truck with his sister. His share of the expenses is $500 per month. He has decided to get his own, newer food truck which he will not have to share with anyone. His expenses for the newer truck are $1,400 per month
Damian is as rational as any other person. As an economics major, you rightly conclude that A) Damian figures that the additional benefit of having his own truck (as opposed to sharing) is at least $900. B) Damian cannot afford the newer truck and will have to go back to sharing a truck with his sister. C) Damian figures that the additional benefit of having his own truck (as opposed to sharing) is at least $1,400. D) the cost of having one's own truck outweighs the benefits.
What do the Monetarist and Keynesian economists claim was the main cause of the Great Depression?
(a) A contraction in supply (b) A downturn in demand (c) The falling federal deficit (d) All of the above
Negotiations between the management of a company and the management of a union for the purpose of setting a mutually agreeable contract on wages, fringe benefits and working conditions for all employees in a union is know as
A) a closed shop. B) a union shop. C) collective bargaining. D) an industrial union.
The U.S. government banned cigarette advertising on radio and television after January, 1971 . You would expect to find that after the ban took effect the price of magazine ads for
a. all goods fell. b. only cigarettes fell. c. all goods rose. d. only cigarettes rose.