The reference base period for the CPI is
A) currently 1982 to 1984.
B) currently 1913.
C) whatever the political party that is in control of Congress decides.
D) currently 2005.
E) the previous year.
A
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When economists say that the demand for a product has decreased, they mean that
A. consumers are now willing and able to buy less of this product at each possible price. B. the demand curve has shifted to the right. C. the product has become particularly scarce for some reason. D. the product has become more expensive and thus consumers are buying less of it.
Sam, an American citizen, prepares meals for his family at home. Ellen, a Canadian citizen, commutes to the U.S. to help prepare meals at a restaurant in Idaho. Whose value of services preparing meals is included in U.S. GDP?
a. Sam's and Ellen's. b. Sam's but not Ellen's. c. Ellen's but not Sam's. d. Neither Sam's nor Ellen's.
Which of the following is true for a multinational enterprise (MNE)?
A. It usually transfers its liabilities to its foreign subsidiaries. B. It usually provides intangible assets to its affiliates for their usage. C. Its affiliates usually get nearly all of their financing from the direct investment flows. D. Its home-country tax burden is mostly borne by its foreign affiliates.
The current price floor in the agricultural lettuce market makes it such that price of lettuce is 25% higher than equilibrium price and 100 heads of lettuce are demanded. Assuming that the elasticity of demand for lettuce is -0.50, what would be the equilibrium quantity of lettuce if the government removed the current price floor?
A) Quantity = 125 B) Quantity = 121.5 C) Quantity = 112.5 D) Quantity = 75