Currently, the base year for the CPI is the average of prices in the years 1982 to 1984
Indicate whether the statement is true or false
TRUE
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An exchange rate crisis is caused by
A) a sudden and an unexpected collapse in the value of a nation's currency. B) the inability of the IMF to predict the immediate collapse of the currency of a country. C) the adoption of a flexible exchange rate system by a country or group of countries. D) the adoption of a fixed exchange rate system by a country or group of countries. E) Both C and D are correct.
Deficits and Surpluses
What will be an ideal response?
A long-run expansion in capacity
A. Moves the economy to a point closer to its existing production possibilities curve. B. Shifts the production possibilities curve rightward. C. Moves the economy upward to the left along its existing production possibilities curve. D. Shifts the production possibilities curve leftward.
In the short run, marginal product of labor increases at first and then falls because
A) as more labor is hired, they are not as skilled as the first ones hired. B) there are fewer opportunities for division of labor and specialization when fewer workers are hired. C) managerial inefficiency sets in when a firm gets too large. D) the new workers do not have as much experience as those who have been with the firm for a long time and therefore are not as productive.