If 2009 is the reference base period, what is the price index for the CPI basket of goods for 2015 in the above table?
A) 97.3
B) 102.8
C) 128.0
D) zero because the price of Blu-rays fell and the price of water increased
B
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Because resources are scarce, all choices involve trade-offs, which means nothing is free
Indicate whether the statement is true or false.
According to the BEA, in the second quarter of 2012 nominal GDP rose by 3.3 percent and real GDP rose by 1.7 percent. The difference between the change in nominal GDP and the change in real GDP could be explained by
A) an increase in prices of final goods and services produced. B) a decrease in prices of final goods and services produced. C) an increase in quantity of final goods and services produced. D) a decrease in quantity of final goods and services produced.
Accounting profits are calculated as:
A. total revenue minus implicit costs. B. total revenue minus explicit costs. C. total revenue minus all opportunity costs, explicit and implicit. D. None of these is true.
Figure 18.2Refer to Figure 18.2. After trade and specialization begin, the maximum amount of spears that Macadamia can consume is:
A. 40. B. 100. C. 120. D. 160.