If OPEC is an effective cartel,
A. price changes are dictated by changes in demand.
B. output changes are dictated by changes in demand.
C. members agree on output quotas.
D. oil prices will be lower than if the market functioned competitively.
Answer: C
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A CPI that equals 1.34 in 2008 (when 2000 is the base year) means that:
A. the average level of prices is 34 percent higher in 2008 than in the base year. B. prices in 2008 are 34 percent higher than in 2007. C. the CPI equals $1.34 in 2008. D. the inflation rate in 2008 is 134 percent.
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Families are having more children than families did 15 years earlier. As a result, families have more trouble finding baby-sitters and are shocked at the cost of child care. Which graph in Figure 4-8 best illustrates how the situation has changed?
A. 1 B. 2 C. 3 D. 4
Comparing the U.S. balance of payments in 2012 to the rest of the world, we see that the
A) U.S. current account is similar in size to most developed nations and has a deficit. B) United States has the largest current account surplus. C) United States has the largest capital and financial account deficit. D) United States has the largest current account deficit. E) U.S. current account is similar in size to most developed nations and has a surplus.
The following table shows Jay's estimated annual benefits of holding different amounts of money.Average moneyholdings($)Total benefit($)1002020029300664004150044How much money will Jay hold if the nominal interest rate is 6 percent? (Assume he wants his money holdings to be in multiples of $100.)
A. $100 B. $400 C. $300 D. $200