If the Consumer Price Index was 102.2 in 2007 and 104.9 in 2008, we can conclude that
a. the prices of all consumer goods were higher in 2008 than in 2007
b. the prices of all consumer goods were lower in 2008 than in 2007
c. the price level fell from 2007 to 2008
d. the price level rose from 2007 to 2008
e. the base year was 2001
D
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Ali decides to attend the one-hour review session for microeconomics instead of working at his job. His job pays him $10 per hour. Ali's opportunity cost of attending the review session is
A) equal to the benefit he gets from the review session. B) the one-hour review session. C) the value of the session minus the $10 he could have earned at his job. D) nothing, because the review session does not cost anything. E) the $10 he could have earned at his job.
The primary purpose of ________ is to encourage the expenditure of funds on research and development to create new products
A) patents and copyrights B) nationalizing oil companies C) government-run health care D) centrally planned economies
Speculators in derivatives markets
A) reduce the efficiency of these markets. B) are acting contrary to U.S. securities laws. C) accept risk transferred to them by hedgers. D) reduce the liquidity of these markets.
A horizontal demand curve for a good could arise because consumers
A) are irrational. B) are not sensitive to price changes. C) view this good as identical to another good. D) have no equivalent substitutes for this good.