Ceteris paribus, as the price of a good or service increases
A) people will buy more of it.
B) people will buy less of it.
C) people will want less of it.
D) people will want more of it.
B
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The voting members of the Federal Open Market Committee are
A) all of the members of the Board of Governors and five of the presidents of the 12 Federal Reserve banks. B) only the members of the Board of Governors. C) the presidents of the 12 Federal Reserve banks and three members of the Board of Governors. D) all of the members of the Board of Governors and all of the presidents of the 12 Federal Reserve banks.
A firm's net income is also its
A) opportunity cost. B) accounting profit. C) balance sheet. D) economic profit.
When drawn against the current wage, the current labor supply shifts to the right if
A) current taxes increase. B) future taxes decrease. C) firms make more profits. D) total factor productivity increases.
Suppose the market basket consists of 400X, 150Y, and 220Z. Current-year prices are $1.50 for each unit of X, $0.50 for each unit of Y, and $4.60 for each unit of Z. Base-year prices are $1.00 for each unit of X, Y, and Z. Approximately what is the value of the CPI in the current year?
a. 457 b. 354 c. 219 d. 119