Using a Laspeyres index to calculate the Consumer Price Index (CPI)
A) weights quantities with current prices.
B) weights prices with base-year quantities.
C) weights quantities with base-year prices.
D) weights prices with current year quantities.
B
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Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi’s demand curve?
a. 0.1 b. 0.8 c. 1.0 d. 10.0
As of December, 2012, the privately held portion of the national debt was approximately
a. 5 percent of the total. b. 20 percent of the total. c. 60 percent of the total. d. 80 percent of the total.
With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago, one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present availability of 24-hour service has arisen because:
A. it was impossible to provide 24-hour service 100 years ago. B. flexibility was not valued 100 years ago. C. the cost of providing 24-hour service is much lower today. D. government forced banks to become more convenient.
What is the real cost of putting an unemployed laborer to work raking leaves or digging holes and refilling them during a severe recession? Explain
Please provide the best answer for the statement.