To measure the "core" inflation rate, the Bureau of Economic Analysis uses a price measure that
A. excludes food and energy prices because the prices of these items can be volatile.
B. includes food and energy prices because the se items account for a significant portion of the typical consumer's expenditures.
C. is made up of a fixed basket that includes durable goods, non-durable goods, and services.
D. includes prices for different components of gross private domestic investment, government spending, and personal consumption expenditures.
Ans: A. excludes food and energy prices because the prices of these items can be volatile.
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Suppose the market-clearing wage for pizza delivery workers is $7.00 per hour, but a $10.00 per hour minimum wage is enacted. Other things constant, the higher minimum wage tends to
A) increase the supply of pizza delivery workers. B) decrease the quantity demanded of pizza delivery workers. C) create a shortage of pizza delivery workers. D) accomplish all of the above. E) accomplish none of the above.
Screening refers to
a. private schools selecting only the students who are easiest to teach b. employers requiring a high-school diploma as a way of rejecting unqualified applicants c. governments deciding who should receive health care d. universities using standardized testing to decide who should enter e. none of the above
Wages are comparatively low in markets where demand for labor is high and supply is low.
Answer the following statement true (T) or false (F)
If a good or service has only one seller, then the seller is called a monopoly
a. True b. False Indicate whether the statement is true or false