The CPI bias arises from all of the following items except ________
A. the introduction of new goods and services
B. the improved quality of goods
C. the goods and services bought by poor people
D. consumers' responses to price changes
C The CPI's biases do not include anything specific to the goods and services purchased by poor people.
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Governments can increase the consumption of a product that helps in reducing negative externalities by
A) subsidizing the purchase of the product. B) taxing the consumption of the product. C) assigning property rights to the producer of the product. D) taxing the production of the product.
The cost-output elasticity can be written and calculated as
A) MC/AC. B) AC/MC. C) (AC)(MC). D) (AC)2(MC). E) (AC)(MC)2.
Refer to the above figure. At a price of $2 per gallon, there is
A) a surplus of 20,000 gallons per month. B) a shortage of 40,000 gallons per month. C) a shortage of 80,000 gallons per month. D) a shortage of 60,000 gallons per month.
Among the reasons that health care expenditures have grown so rapidly in the United States over the last two decades are all of the following EXCEPT
A) an emphasis on wellness programs and preventive medicine. B) the aging of the U.S. population. C) expensive new medical technologies. D) third-party financing.