A consumer expenditure survey reports the following information on entertainment spending: 20152016 PriceQuantityPriceQuantityMovies$75$87Concerts$302$352Music$167$1510 Using 2015 as the base year, by how much does a "cost of entertainment" index increase between 2015 and 2016?
A. 8.6 percent
B. 29.4 percent
C. 3.9 percent
D. 13.4 percent
Answer: C
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
There is greater support for passive policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) all of the above.
Every economy must answer each of the following questions except one. Which is the exception?
a. Which goods will be produced? b. Why are these particular goods produced? c. Which resources should be used? d. How should resources be combined to produce each product? e. Who will actually consume the goods produced?
The financial crisis of 2008
A) had its roots in the internet crisis of 2000. B) had its roots in the budget policy of the Treasury. C) had its roots in the real estate market. D) all of these choices.