If a country had a CPI of 105.0 last year and a CPI of 102.0 this year, then
A) the average prices of goods and services increased between last year and this year.
B) the average prices of goods and services decreased between last year and this year.
C) the average quality of goods and services decreased between last year and this year.
D) there was an error when calculating the CPI this year.
E) the quantity of consumer goods and services produced decreased between last year and this year.
B
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Which of the following statements is true?
A) Rational economic agents maximize more than just monetary income. B) An individual does not require information to make optimal decisions. C) The principle of optimization is only accurate when it comes to making monetary decisions. D) It is not necessary to consider the risks of a particular alternative while making an optimal decision.
Which of the following is most likely to encourage economic growth?
a. stable private property rights b. an extensive welfare system c. frequent military take-overs of the government d. a shrinking labor force e. a fixed capital stock
According to official U.S. statistics, the U.S. poverty rate has been approximately ________ percent for the last 40 years.
A. 12 to 20 B. 4 to 13 C. 11 to 15 D. 5 to 18
Refer to the above table. If the price of the good produced is $9, the marginal revenue product of the 13th worker is
A. $684. B. $63. C. $36. D. $81.