Since, according to the CPI, inflation between 1982 and 2015 was 137 percent,
A. a 100% increase in prices of farm products would cut farmers' real incomes by 50%.
B. farmers' real incomes would fall only if the prices of farm products decreased.
C. a 50% increase in prices of farm products would cut farmers' real incomes by 50%.
D. unchanged prices for farm products would cut farmers' real incomes by 58%.
Answer: D
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Describe the marginal revenue curve in relationship to the demand curve for a monopoly. Why is it like that?
What will be an ideal response?
Refer to Figure 12-7. If the market price is P3 the firm
A) will earn enough revenue to cover its variable costs but not its fixed costs. B) will break even. C) will make a profit. D) will produce a quantity of Q1.
standard deck of playing cards has 52 cards with 13 cards in each of the four suits; hearts, diamonds, spades, and clubs. Each of the four suits has a king card. If a single card is drawn from a standard deck, what is the probability that the card will be a king?
A) 0.25 B) 0.077 C) 0.33 D) 0.019
According to adaptive expectations theory, which of the following would be the result of expansionary monetary and fiscal policies?
a. The economy self-corrects to the natural rate of unemployment. b. There is no long-run trade off between inflation and unemployment. c. The inflation rate rises. d. All of these.