If the CPI is now 95, then prices have _____ since the base year.
A. fallen by 95 percent
B. fallen by 5 percent
C. risen by 5 percent
D. risen by 95 percent
B. fallen by 5 percent
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When production moves from the efficient quantity to a point of overproduction,
A) consumer surplus definitely increases. B) the sum of producer surplus and consumer surplus increases. C) there is a deadweight loss. D) consumers definitely lose and producers definitely gain. E) consumers definitely gain and producers definitely lose.
The costs of unemployment to an individual out of work are larger now than in the 1930s
a. True b. False Indicate whether the statement is true or false
With a linear production function there is a:
A. perfect complementary relationship between all inputs. B. variable-proportion relationship between all inputs. C. fixed-proportion relationship between all inputs. D. perfect substitutable relationship between all inputs.
When voting mechanisms substitute for the market mechanism in allocating resources, we are relying on
A. Cost-benefit analysis. B. Public choice theory. C. Opportunity cost analysis. D. Ballot box economics.