The consumer price index (CPI) increased at a slower rate during the period 1990-2004 than the import price index
Indicate whether the statement is true or false
False
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In the long run, a reduction in productivity will cause
A) an increase in the capital—labor ratio and an increase in consumption per worker. B) an increase in the capital—labor ratio and a decrease in consumption per worker. C) a decrease in the capital—labor ratio and a decrease in consumption per worker. D) a decrease in the capital—labor ratio and an increase in consumption per worker.
Diseconomies of scale:
a. occur only in the short run. b. occur when at least one resource is fixed and unit costs decrease as the quantity of production increases. c. occur when at least one resource is fixed and unit costs increase as the quantity of production increases. d. are represented by the upward-sloping portion of the short run average total cost curve. e. occur when all resources are variable and unit costs increase as the quantity of production increases.
When comparing the standard of living in two countries it is important to adjust total output for differences in:
A. political systems. B. geographic area. C. population. D. employment levels.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 ton of soybeans in the United States is
A. 1/3 of a computer. B. 1/5 of a computer. C. 3 computers. D. 5 computers.