The index that is NOT based on a fixed market basket of goods and services is the
A. CPI.
B. GDP Price Deflator.
C. PPI.
D. Wholesale Price Index.
Answer: B
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A more elastic demand for a good would generally result from
a. an increase in the supply of that good b. an increase in the number of substitutes for that good c. a decrease in the number of substitutes for that good d. smaller consumer incomes e. a reduction in the number of consumers
Nathan owns a bakery that bakes only cakes. All of his bakers work 8 hours per day. In 2011, he employed 5 bakers who produced a total of 200 cakes each day. In 2012, he employed 6 bakers who produced a total of 249 cakes each day. The bakery's productivity
a. decreased by 2.33%. b. increased by 2.33%. c. increased by 3.75%. d. increased by 24.50%.
The opportunity cost of producing one bushel of coffee in Brazil is
A. 1/2 bushels of a hot dog.
B. 20 bushels of hot dogs.
C. 2 bushels of hot dogs.
D. 1/2 of a bushel of coffee in Columbia.
In the market for pollution permits, the total supply of permits is:
A. perfectly inelastic. B. perfectly elastic. C. determined by the Chicago Board of Trade. D. always equal to the demand for permits.