Suppose your grandfather earned a salary of $12,000 in 1964. If the CPI is 31 in 1964 and 219 in 2018, then the value of your grandfather's salary in 2018 dollars is approximately
A) $84,775.
B) $63,830.
C) $37,200.
D) $26,280.
Answer: A
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Positive economic analysis answers what question?
What will be an ideal response?
If the Chinese currency devalues compared to the US dollar, then
a. US producers will benefit; Chinese consumers will benefit b. US producers will benefit; Chinese consumers will hurt c. US producers will hurt; Chinese consumers will benefit d. US producers will hurt; Chinese consumers will hurt
The supply of a good is more price elastic,
a. the fewer alternatives there are to producing the good in question b. the more broadly the market for the good is defined c. the longer the time horizon over which it is measured d. the higher the cost of production e. the more elastic the demand for that good.
A vertical line showing the economy's potential is called the:
A. long-run aggregate supply line. B. short-run aggregate supply line. C. short-run equilibrium output line. D. aggregate demand curve.