The Bureau of Labor Statistics does not try to account for quality changes in the goods and services in the basket used to compute the CPI
a. True
b. False
Indicate whether the statement is true or false
False
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If there are no barriers to entry into an industry
A) short-run economic profits must be zero. B) long-run economic profits must be zero. C) both short-run and long-run economic profits must be zero. D) short-run and long-run profits must still be positive.
Sam has $500 saved up for his spring break. He also carries about $300 of debt on his credit card. By choosing not to pay off his credit card with his savings, Sam is:
A. acting rationally. B. going to be poorer in the long run. C. recognizing that money is fungible. D. None of these is true.
Inflation reduces the purchasing power of nominal income and increases the purchasing power of fixed income
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 7.2 below to answer the question(s) that follow. 
Figure 7.2Refer to Figure 7.2. The average product with two workers is ________ lawns mowed.
A. 4 B. 5 C. 5.5 D. 11