The benefits paid by the largest pension program in the United States are:
a. not adjusted for changes in the price level
b. adjusted for changes in the price level.
c. revised every five years.
d. adjusted for changes in the nominal rate of interest.
e. adjusted for changes in the real rate of interest.
b
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Refer to the table above. If the price level is 120, then the aggregate quantity demanded is ________ than the aggregate quantity supplied and the price level ________
A) greater; rises B) greater; falls C) less; rises D) less; falls E) less; might fall, rise or not change depending on whether real GDP is more than, less than, or equal to potential GDP.
Calculate the markup price if MC = $10.00 and price elasticity equals 1.7.
A. $5.88 B. $24.27 C. $17.24 D. $32.42
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.
Your favorite holiday is Halloween and each year you decorate your yard with pumpkins, skeletons, and tombstones, and you install a noise machine which blasts haunting sounds 24 hours a day. It is such a spectacle that hundreds of people drive by your house each day to gawk at the display. The noise and traffic disturb your neighbors who sue you, and you are required to take down your display permanently. This is an example of
A. the free-rider problem. B. an injunction. C. a liability rule. D. the Coase theorem.