Which of the following observations is false?
a. Both CPI and GDP deflator tend to move in the same direction.
b. GDP deflator tends to be much more volatile than CPI
c. Both CPI and GDP deflator probably overstate the inflation rate.
d. both a. and c. are false.
b
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Results of the ultimatum game indicate that most people value fairness enough that they will refuse to participate in a transaction they consider unfair, even if they are worse off financially as a result
Indicate whether the statement is true or false
Which statement is true?
A. There is no evidence whatsoever to support the contention that women, blacks, Hispanics, and other minorities are victims of employment discrimination. B. The relatively lower wages earned by women and minorities can be explained entirely by employment discrimination. C. The poverty of women, blacks, and Hispanics can be explained almost entirely by their low earnings. D. None of these statements are true.
Exhibit 10-4 Kinked demand curves
In Exhibit 10-4, in a kinked-demand oligopoly model, D1 represents the demand curve
A. applicable to any price increase above $50. B. applicable to any price decrease below $50. C. facing firms when a cartel is formed. D. facing the price leader.
The Wax Works sells 400 candles at a price of $10 per candle. The Wax Works' total costs for producing 400 candles are $500. The Wax Works' economic profit is
A. -$100. B. $3,500. C. $4,500. D. indeterminate from this information.