Which of the following would be included in the Consumer Price Index?
a. the price of U.S.-made steel
b. how much Americans spent on medical care in the previous year
c. the average price of a hamburger
d. the average cost of building a public school
c. the average price of a hamburger
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Being first only works
A) if accounting profits are earned in the first year. B) if the entrepreneur has the working capital of a large firm. C) in a winner take all situation. D) all of these choices.
Under a tying contract,
A. the price a buyer must pay for a good is tied to the size of his or her purchase. B. a customer agrees as a condition of buying a good to purchase one or more additional goods from the same seller. C. a firm agrees to allow members of its competitors’ boards of directors to sit on its board. D. a firm agrees to pay an intermediary for having arranged a business deal for the firm.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Pepsi and Coke have competed in the market for bottled water primarily on the basis of convenience and product differentiation as a means to avoid the negative effects on revenue that result from price competition
Indicate whether the statement is true or false