Suppose the CPI was 95 in 1955, and suppose currently the CPI is 475 . According to the CPI, $100 today purchases the same amount of goods and services as
a. $20.00 purchased in 1955.
b. $33.33 purchased in 1955.
c. $47.50 purchased in 1955.
d. None of the above is correct.
A
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An important category of bias in human decision making is:
A. temptation. B. ease of the decision-making process. C. revealed preference. D. All of these are important sources of bias in decision making.
Separate standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance of a trading partner's standards as valid and sufficient by another trading partner. D) standards held by different trading partners which other partners refuse to recognize.
The study behind the graphic for India, China, Brazil and the US showing income groups and percentages of total country income for each group highlights that how much of the differences in living standards can be explained by differences between countries:
A) 20% B) 45% C) 66% D) 90%
If whole tomatoes were money, which of the following functions of money would be the hardest for tomatoes to satisfy?
A) medium of exchange B) store of value C) certificate of gold D) unit of account