The Consumer Price Index measures the average of the prices paid by urban consumers for a ________ of consumer goods and services
A) subjective selection
B) fixed market basket
C) random selection
D) least-cost market basket
E) changing selection
B
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Ramen noodles were hotter than ever in 2010. Considered a bargain meal for cash-starved college students... in 2010, 4 billion individual packets were devoured in the United States, a 4 percent increase over 2006
If once college students graduated, they stopped eating ramen, would ramen be considered a normal or inferior good? A) inferior because students only eat ramen when income is low B) normal because students only eat ramen when income is low C) inferior because students only eat ramen when income is high D) normal because students only eat ramen when income is high
The argument that import restrictions save jobs and promote prosperity fails to recognize that:
A. there are no secondary effects of import restrictions. B. import restrictions will lower prices in the protected industries. C. import restrictions cannot create jobs in any industries. D. U.S. imports provide people in other countries with the dollars power required for the purchase of U.S. exports.
When a second firm enters a monopolist's market,
A. the market price will rise. B. the quantity produced by the first firm will decrease. C. the first firm's profits increase. D. All of these will occur.
In a two-period model with default, if the nation defaults on its debts in the future period
A) there are no consequences. B) it bears a cost v. C) collateral is seized. D) it faces a higher interest rate.