In professional golf, a tournament winner might win, say, $1 million, whereas second place wins only $600,000. Why might golf have a 40% reduction in prize money from first and second place?
A) To ensure that there is enough money to pay those who finish near last.
B) To motivate golfers to take risks they might not otherwise take.
C) To motivate golfers to not take risks they might otherwise take.
D) The Professional Golfers Association is a cartel.
B
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If you have the cost of the CPI market basket at current prices and the cost of the CPI market basket at base period prices, how do you calculate the CPI?
What will be an ideal response?
There is anecdotal evidence to suggest that global inequalities are often rooted in inequities
Indicate whether the statement is true or false
The inflation rate in a particular country changed from 4 percent to 8 percent during two subsequent quarters of the same year. As a result, retail outlets had to reprint new sticker prices for their products. This additional cost borne by the retailers because of the inflation is an example of a: a. menu cost
b. shoe-leather cost. c. unit-of-account cost. d. time cost.
If there is an increase in the nominal (money), the real wage
A. will also rise. B. will also rise, unless the consumer price index rises. C. will also rise, unless the consumer price index rises as much or more than the nominal (money) wage. D. None of the choices are true.