In 2020, the price for a market basket of consumer goods is $1,300. In the base year, the cost of the identical market basket was $1,000. The price index in this case is
A. 160.0.
B. 200.0.
C. 130.0.
D. 13.0.
Answer: C
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If the total wages paid change from $200,000 to $250,000 when the quantity of labor employed increases from five to seven workers, the marginal wage is
A. $50,000. B. $25,000. C. $250,000. D. $35,714.
The chairman of the Board of Governors of the Fed is designated by ____________________ to serve a _______ year term as chairman
A) the President; four B) Congress; fourteen C) the President; twelve D) Congress; four
At one time, people in a certain country had no access to banks; they relied exclusively on currency. Then, a fractional-reserve banking system was created. As a result, the money supply
a. increased. The central bank could have reduced the size of this increase by buying bonds. b. increased. The central bank could have reduced the size of this increase by selling bonds. c. decreased. The central bank could have reduced the size of this decrease by buying bonds. d. decreased. The central bank could have reduced the size of this decrease by selling bonds.
For an industry in which average costs continue to decline as output rises, what would you expect the minimum efficient scale to be? Explain your answer
What will be an ideal response?