What is the CPI and how is it calculated?
What will be an ideal response?
The CPI is the Consumer Price Index. The CPI equals (Cost of CPI basket at current prices ÷ Cost of CPI basket at base-period prices) ×100.
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The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a dozen eggs?
A) $1.50 B) $2.50 C) 1 2/3 gallons of milk D) 3/5 of a gallon of milk
What makes the Lewis model a "development" model rather than a "growth" model? What insights on development can be derived from the model?
What will be an ideal response?
All else constant, a decrease in the level of economic activity in foreign countries could be expected to have an adverse effect on the domestic economy
Indicate whether the statement is true or false
A depreciation of the Mexican peso relative to the U.S. dollar would ________ Mexican firms that are exporting goods to the United States and would ________ Mexican firms that have borrowed in U.S. dollars
A) help; help B) help; hurt C) hurt; help D) hurt; hurt