Use the following table to answer the next question. The base year is 2007. YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Calculate the percentage change in prices from 2007 to 2009.
A. 175%
B. 200%
C. 150%
D. 100%
Answer: D
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The "Big Mac index" was created by The Economist magazine to determine
A. how successful the McDonald's corporation has been around the world. B. the accuracy of exchange rates. C. whether or not the dollar was overvalued or undervalued. D. None of these statements are true.
In the upward-sloping segment of the aggregate supply curve,
a. when GDP increases, the price level rises. b. when GDP increases, the price level does not change. c. when GDP decreases, the price level rises. d. when GDP increases, the price level falls. e. there is no relationship between changes in GDP and changes in the price level.
Which of the following determines the maximum price a firm may charge for a particular quantity of output?
a. the firm's supply curve b. opportunity costs c. explicit and implicit costs of production d. the minimum point of the average total cost curve e. the demand curve facing the firm
Scalping at major sporting events is an example of
A. a black market caused by a price floor. B. the operation of rationing by the market. C. a black market caused by a price ceiling. D. a surplus caused by the existence of price ceilings.