The CPI attempts to:
A. balance out the consumption of different types of people in different life stages.
B. balance out the consumption of different types of people in different life situations.
C. capture an average across a very large group of U.S. consumers.
D. All of these statements are true.
D. All of these statements are true.
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You decide to spend time studying for a philosophy exam, even though you have offers to go to see a movie, go out to dinner, or go to a poetry reading
This is a difficult choice for you because you really want to go to the poetry reading and would choose that over seeing the movie or going out to dinner. Your opportunity cost of spending time studying for your philosophy exam is A) going to the movie. B) going out to dinner. C) going to the poetry reading. D) all of the above, since you have offers to do all three
In economic terms, tariffs are preferred to quotas because
A) domestic manufacturers gain more producer surplus. B) there is less loss of consumer surplus. C) tariffs are easier to administer. D) quotas create a greater production inefficiency. E) given the way quotas are usually administered, tariffs cause a smaller net national welfare loss.
A monopoly firm
a. has a short-run supply curve that slopes upward. b. is a price taker. c. does not have a supply curve. d. is at the mercy of the market-determined price.
Assume both the demand for beef and the supply of beef decrease. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of beef will rise. B. The equilibrium quantity of beef will fall. C. The equilibrium price of beef will fall. D. The equilibrium price of beef will rise.