In economics, capital is defined as a financial asset such as stocks and bonds
Indicate whether the statement is true or false
False
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The substitution bias means that
A. Consumer substitute towards good that have become relatively more expensive. B. Consumers substitute towards goods that have become relatively less expense. C. The CPI understates the increase in the cost of living each years. D. The CPI compensates for equal changes and accurately reflect the cost of living. E. None of the above.
People who argue for lifting the U.S. trade embargo with Cuba claim all of the following EXCEPT ________.
A) the embargo has not achieved its purpose of changing Cuba's economic and political system B) U.S. companies lose Cuban sales to competitors from other countries C) increased exposure to the United States would be a more effective force of change D) Cuba has largely become a market economy already
The portion of a worker's total earnings that is not necessary to keep the worker in her present job is called
a. opportunity cost b. consumer surplus c. economic profit d. economic rent e. normal profit
If the equilibrium price of widgets is $22, and then a price ceiling of $24 is imposed by the government, as a result,
a. there will be no effect on the widget market. b. there will be a shortage of widgets c. there will be a surplus of widgets. d. the price of widgets will increase.