Babe Ruth's 1931 salary was $80,000 . Government statistics show a consumer price index of 15.2 for 1931 and 237 for 2015 . Ruth's 1931 salary was equivalent to a 2015 salary of about
a. $5,296.
b. $1,128,421
c. $1,247,368
d. $17,152,000
c
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Which of the following is true about inflation?
a. It reduces the cost-of-living of the typical worker. b. It is measured by changes in the cost of a typical market basket of goods between time periods. c. It causes the purchasing power of a dollar to rise. d. It has no effect on real resources.
Efficiency is illustrated by
a. both the production possibilities frontier and the circular-flow diagram. b. neither the production possibilities frontier nor the circular-flow diagram. c. the production possibilities frontier only. d. the circular-flow diagram only.
A monopolistically competitive firm is producing an output level where marginal revenue is greater than marginal cost. What should this firm do to increase its profit or reduce its losses?
A) The firm should increase its implicit costs. B) The firm should lower its price. C) The firm should decrease its fixed costs. D) The firm should raise its price.
In the long run, firms in a perfectly competitive market choose to produce a quantity:
A. that does not cover minimum average variable costs. B. where marginal costs are less than average variable costs. C. that earns zero economic profits. D. where ATC and AVC are at their minimum values.