If the CPI were fixed, then the fact that it is wrong by 0.8 percentage points means that over a ten year period it is wrong by
A. between 1.1 and 11 percentage points.
B. 1.1 percentage points.
C. 11 percentage points.
D. more than 11 percentage points.
Answer: D
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The increase in wage inequality resulting from globalization can be reversed through:
A. making markets more competitive. B. revoking the principle of comparative advantage. C. decreases in worker mobility. D. increases in worker mobility.
Consumers usually pay less than the total cost of medical treatment because
A) a third party, usually an employer, often pays most of the bill. B) competition forces doctors and hospitals to charge prices that do not cover their costs. C) the federal government pays for most medical procedures. D) a third party, usually an insurance company, often pays most of the bill.
Corn flakes are
A) a rival good because many firms produce them. B) a rival good because if another person wants some corn flakes society has to use additional resources to produce corn flakes for that person. C) a non-rival good because there are only a few firms in the industry. D) a non-rival good because even if another person wants some corn flakes so many corn flakes are produced that no additional resources are used to satisfy this new customer's needs. E) a public good.
The importance of international trade in the U.S. economy
A) has been decreasing and is expected to continue to decrease. B) has been decreasing but is expected to start to increase. C) has been increasing and is expected to continue to increase. D) has been increasing but is expected to decrease in the future.