Figure 7-6
Which of the lines in Figure 7-6 represents a typical average fixed cost curve?
A. 1
B. 2
C. 3
D. 4
Answer: D
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In 2012, consumers in Dexter consumed only books and pens. The prices and quantities for 2012 and 2013 are listed in the table above. The reference base period for Dexter's CPI is 2012. What is the CPI in 2013?
A) 59 B) 129 C) 169 D) 102
The American birth rate in 1860–1910
(a) was kept high by the tendency of immigrant children to have large families. (b) increased steadily. (c) declined, on average. (d) rose dramatically after the Civil War due to the large numbers of immigrants having children in the U.S. to get U.S. citizenship.
A period of time in which the overall business activity is rising at a rapid rate is known as
A) inflation. B) hyperinflation. C) an expansion. D) a contraction.
In computing a price index,
A. the quantities in the market basket stay the same while the prices differ. B. the most recent year is always set equal to 1. C. both the quantities in the market basket and the prices change from year to year. D. the base year must be one for which the inflation rate was zero.