In 2011, apples cost $1.49 a pound. Suppose the CPI was 120 in 2011 and 140 in 2012. If there is no change in the real price of an apple in 2012, what is the price of a pound of apples in 2012?
A) $2.74
B) $1.69
C) $1.66
D) $1.74
E) $1.28
D
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Which of the following statements applies to the classical system?
a. There is money wage inflexibility since full employment already existed b. A perfectly flexible money wage is not always a requirement for full employment c. Full employment was easily explained with downward money wage rigidity d. An imperfect market structure is requirement for full employment e. none of the above
Current law regarding the Fed's Board of Governors stipulates that:
A. no more than three governors can come from the same district. B. no more than two governors can come from the same district. C. no more than one governor can come from the same district. D. every district must have at least one governor on the board.
Blu-ray disc players, iPhones, and hybrid cars are generally considered to be ________ goods.
A. durable B. nondurable C. intermediate D. service
Most development economists agree that the most basic and important task of any government is to:
A. create a stable political system. B. provide national health care system. C. maintain a stable currency. D. ensure basic education for all citizens.