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.
B
You might also like to view...
Average cost curves have the same basic shape as
A. total cost curves. B. marginal cost curves. C. total fixed cost curves. D. average fixed cost curves.
Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run
A) the firm should hire additional workers. B) the firm should reduce the number of workers employed. C) the firm should continue to employ 10 workers. D) More information is required to answer this question.
Which statement best describes social surplus?
a. the sum of consumer surplus and producer surplus b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
A . What is the theory of creative destruction? b. According to this theory, do we need to worry about the fact that our local power utility has a monopoly in the provision of electricity?