The Consumer Price Index is a measure of the average of the prices paid by ________ for a fixed basket of consumer goods and services
A) urban consumers
B) all consumers
C) urban wage earners and clerical workers
D) consumers living in cities with a population greater than 100,000
A
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Since the replacement of AFDC with TANF the welfare rolls have grown in the United States
a. True b. False
The midpoint method for calculating elasticities is convenient in that it allows us to
a. ignore the percentage change in quantity demanded and instead focus entirely on the percentage change in price. b. calculate the same value for the elasticity, regardless of whether the price increases or decreases. c. assume that sellers' total revenue stays constant when the price changes. d. restrict all elasticity values to between 0 and 1.
The one central bank president that always has a seat on the Federal Open Market Committee is located in:
A. New York City. B. Boston. C. San Francisco. D. Chicago.
Which of the following is true about a perfectly competitive firm in the long run and in the short run?
A. The supply curve in the short run is usually steeper than the supply curve in the long run. B. The supply curve in the short run is usually flatter than the supply curve in the long run. C. The demand curve in the short run is usually steeper than the marginal cost curve in the long run. D. The supply curve in the short run is usually steeper than the average total cost curve in the long run.