The urban consumers that the CPI is based on does not include:
A. the unemployed.
B. the retired.
C. persons in prison.
D. the CPI does not include any of these.
C. persons in prison.
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If freezing weather destroys half of the current Florida orange crop, wealth will increase for
A) almost all Florida orange growers. B) no Florida orange growers. C) some Florida orange growers and all California orange growers. D) some Florida orange growers and some California orange growers.
What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?
A) $453.51 B) $500.00 C) $476.25 D) $550.00
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.
If a firm increases its production every month, then its:
a. average fixed cost increases every month. b. average variable cost gets closer to the average total cost every month. c. average variable cost becomes equal to the average total cost. d. average fixed cost gets closer to the average total cost every month.