The core inflation rate excludes
A. Only energy prices for the airlines.
B. Food and energy prices.
C. Import prices.
D. Entertainment and packaging prices.
Answer: B
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Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The workers in Country A should specialize in __________________ because they possess the ___________________ in the production of that good.
A. bananas; comparative advantage B. tomatoes; comparative advantage C. bananas; absolute advantage D. tomatoes; absolute advantage
For a firm to be a natural monopoly, it should have
A. a special patent. B. exclusive access to a copyright. C. a cost curve that was continuously downward sloping to the right. D. a monopoly on a natural resource. E. a product so unique that no other firm could come close to producing it.
The rapid growth of the temporary-help industry
A. could decrease the natural rate of unemployment. B. has not affected the unemployment rate since part-time workers are counted as fully employed. C. has enabled employers to fill job vacancies more easily. D. All of the choices are correct.
You own your business, and your research indicates that the price elasticity of demand for your product is 3.5. What pricing strategies should you follow, and why?
What will be an ideal response?