Which of the following is NOT a source of bias in the CPI? i. quality change bias ii. new goods bias iii. quantity change bias
A) i only
B) ii only
C) iii only
D) i and ii
E) ii and iii
C
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Is the minimum wage fair?
A) Yes, because all workers benefit because they are paid more. B) No, because it enhances the prospects of voluntary exchange. C) No, because workers who lose their jobs are made worse off. D) Yes, because firms must pay a wage closer to a living wage. E) Yes, because workers need the extra income.
According to empirical evidence
A) providing international aid to developing nations stimulates economic growth. B) providing international aid to developing nations does not have a positive effect on economic growth. C) international trade stimulates economic growth in richer nations, but actually slows economic growth in developing economies. D) international trade stimulates economic growth in developing economies, but actually slows economic growth in richer nations.
Which of the following is NOT a predictable result of a price ceiling set below the market clearing price?
A) an illegal market in the good B) excess quantity supplied C) excess quantity demanded D) lines to purchase the product
Officials have estimated the size of the U.S. underground economy to be approximately
a. 6 to 8 percent of GDP b. about $5 trillion c. 50 percent of GDP d. $60-80 billion e. about $1 trillion