The CPI in the base year is always equal to 100
Indicate whether the statement is true or false
True
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Pareto's Principle states that:
a. 20 percent of the time expended produces 80 percent of the results b. 90 percent of the time spent produces 10 percent of the results c. 75 percent of time is wasted d. A task or job fills the time available
Which of the following best defines consumer surplus?
a. the amount that individuals actually paid, minus the amount that they would have been willing to pay b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
Bubba is a shrimp fisherman who can catch 4,000 pounds of shrimp per year. Bubba is considering hiring his cousin Bobby to work for him. Bobby can catch 3,000 pounds of shrimp per year. If Bubba hires Bobby, what will be the total output of his shrimp business?
a. 7,000 pounds b. 3,500 pounds c. 3,000 pounds d. 1,000 pounds
The capital account balance equals foreign purchases of U.S. assets minus U.S. purchases of foreign assets.
Answer the following statement true (T) or false (F)