Last year you purchased 20 USBs at $12 a piece, 10 shirts at $15 each, and 5 sweaters at $30 each (total spending equals $540). This year you buy 18 USBs at $15 each, 10 shirts at $16 each, and 6 sweaters at $36 each (total spending equals $640). If last year's index was 100, this year's index
A. is 83.6.
B. is 119.6.
C. is 118.5.
D. is 30.
Answer: C
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What does U.S. GDP intend to measure?
A) The market value of final goods and services produced by U.S. citizens during the course of a year B) The market value of all goods and services produced by U.S. citizens during the course of a year C) The market value of final goods and services produced within the U.S. during the course of a year D) The market value of all goods and services produced within the U.S. during the course of a year
Production functions A and B result in the same average total costs of production. However, production function A is twice as capital intensive as production function B. In this case, all else constant:
A) marginal costs will be higher in A than they are in B. B) marginal costs will be higher in B than they will in A. C) because total costs are equal, marginal costs will be equal for the two production functions as well. D) there is no way to say anything about the relative marginal costs of production in the two production functions without additional information.
When the U.S. government runs a deficit, the savings in the market for loanable funds shifts:
A. left, increasing interest rates and decreasing domestic investment and NCO. B. left, decreasing interest rates and increasing domestic investment and NCO. C. right, decreasing interest rates and increasing domestic investment and NCO. D. right, increasing interest rates, and increasing domestic investment and NCO.
To say that a firm is competitive in the labor market is to say that the firm can choose
a. both the wage it pays its workers and the number of workers it hires. b. neither the wage it pays its workers nor the number of workers it hires. c. the wage it pays its workers, but it cannot choose how many workers to hire. d. the number of workers it hires, but it cannot choose the wage it pays its workers.