When the price of gasoline rises, some consumers begin riding their bikes more frequently or riding the bus instead of driving their cars. The fact that the CPI does not fully account for such changes in consumer behavior is called
A) increase in quality bias. B) outlet bias.
C) substitution bias. D) discrimination bias.
C
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How were exchange rates determined under the gold standard? How did the Bretton Woods system differ from the gold standard?
What will be an ideal response?
Which of the following is not a characteristic of an oligopolistic industry?
A) Substantial barriers to entry. B) The output produced by the firms in the industry may be homogeneous or differentiated. C) A small number of large firms. D) One dominant firm and low entry barriers.
What is the current limit on balances that are covered by federal deposit insurance?
A) $100,000 B) $250,000 C) $500,000 D) $1,000,000
The demand for the product of a competitive price-taker firm is:
a. perfectly inelastic. b. perfectly elastic. c. greater than zero but less than one. d. dependent on the availability of substitutes for the firm's product.