The "urban consumers" that the CPI is based on includes anyone living in a city of:
A. 100,000 or more.
B. 2,500 or more.
C. 50,000 or more.
D. 150,000 or more.
Answer: B
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Based on the above table, what is the marginal product of the 6th worker hired at Jefferson's Cleaners?
A) 10 suits per day B) 11 suits per day C) 14 suits per day D) 84 suits per day
In the years following the Civil War, the world supply of cotton ____________ and the world demand for cotton _____________
a. increased; also increased b. decreased; also decreased c. increased; decreased d. decreased; increased
If we wanted to prove that macaroni is an inferior good, we would test the __________ of macaroni and get a __________
a. cross-price elasticity; negative number b. income elasticity; number less than 1 c. income elasticity; positive number d. price elasticity of demand; number greater than negative 1 e. income elasticity; negative number
People who are not currently employed, but say they want a job, are counted as unemployed only if they
a. have previously held a job b. are actively seeking employment c. are willing to accept any reasonable wage rate d. are between 16 and 65 years of age e. are willing to accept any offer of employment