Most economists agree that the size of the bias in the CPI is at least
a. 0.1 percent
b. 0.5 percent
c. 1 percent
d. 1.5 percent
e. 2 percent
C
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Which of the following groups of people will NOT be considered as employed?
A) Government representatives earning a fixed salary every month B) Housewives raising kids at home C) Paid workers in the agricultural sector of a country D) Teachers in public schools
In the United States during the Great Depression, tariffs were ________ than they were following World War II, and ________ than they are today
A) higher; higher B) higher; lower C) lower; lower D) lower; higher
Refer to the payoff matrix below. If Best Lights and Bright Lights both know that the above game will be played exactly four times, which of the following will be the outcome of the game in each of the four periods?
A) Set High Price/Set High Price
B) Set Low Price/Set High Price
C) Set High Price/Set Low Price
D) Set Low Price/Set Low Price
Total cost is calculated as
a. average fixed cost plus average variable cost b. fixed cost plus variable cost c. the additional cost of the last unit produced d. marginal cost plus variable cost e. marginal cost plus fixed cost