Which of the following is not correct?
a. The consumer price index gives economists a way of turning dollar figures into meaningful measures of purchasing power.
b. The consumer price index is used to monitor changes in the cost of living over time.
c. The consumer price index is used by economists to measure the inflation rate.
d. The consumer price index is used to measure the quantity of goods and services that the economy is producing.
d
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Shaniq buys only soda and pizza and is buying the amounts that maximize her utility. The marginal utility from a soda is 30 and the price of a soda is $2. The marginal utility from a slice of pizza is also 30. The price of a slice of pizza must be
A) $30. B) $2. C) $1. D) some amount that cannot be calculated without more information.
The opportunity cost of your college education is:
a. c and d. b. d and e. c. the actual dollar cost of your college education. d. your best alternative use of the money you spend for a college education. e. money you could have earned working instead of going to college.
Increases in the overall price level:
A. increases people's dollar-denominated wealth. B. generally has no effect on spending. C. result in people reducing their consumption. D. result in people increasing their consumption.
A decrease in the price of bubble gum below equilibrium will
A. Cause a surplus of bubble gum. B. Shift the bubble gum demand curve to the right. C. Shift the bubble gum supply curve to the right. D. Cause a shortage of bubble gum.