Suppose, in dollar terms, nominal GDP increased approximately 4 percent during a given year, and real GDP decreased 1 percent. Which of the following best explains these events?
a. The money supply increased approximately 4 percent.
b. Prices decreased approximately 3 percent.
c. Prices increased approximately 4 percent.
d. Prices increased approximately 5 percent.
D
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If you are earning $20,000 this year and the CPI is 165, your real income in base year prices is
A) $121.21. B) $12,121.21. C) $20,000. D) $16,500. E) $33,000.
Central Grocery in New Orleans is famous for its muffaletta, a large round sandwich filled with deli meats and topped with a tangy olive salad. Suppose the following table represents cost and revenue data for Central Grocery
Fill in the columns for TR, MR, MC, ATC, and profit. If Central Grocery wants to maximize profits, what price should it charge for a muffaletta, what quantity should it sell, and what will be the amount of its total profit? Muffalettas Sold per Day Price (P) Total Revenue (TR) Marginal Revenue (MR) Total Cost (TC) Marginal Cost (MC) Average Total Cost (ATC) Profit 0 $15 $12 1 14 18 2 13 20 3 12 21 4 11 23 5 10 26 6 9 30 7 8 35 8 7 42 9 6 52 10 5 78
A street light is
a. rival and exclusive, and therefore is a public good b. nonrival, but since it is exclusive, it is a private good c. exclusive, but since it is nonrival, it is a public good d. nonrival and nonexclusive, and therefore is a public good e. nonrival and nonexclusive, and therefore is a private good
Experience rating systems for pricing insurance encourage firms to discriminate against older and disabled workers in their hiring practices.
Answer the following statement true (T) or false (F)