Burger Queen enjoyed $1 million in profits last year. What does Burger Queen's $1 million in profits mean for its competitor, Burger Lord?
A) Nothing.
B) Burger Lord must have suffered $1 million in losses last year.
C) Burger Lord must have also enjoyed $1 million in profits last year.
D) Burger Queen is more efficient at serving its customers compared to Burger Lord.
A
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When the price of, say, a package of rice changes, what must the BLS do next?
A) immediately incorporate the new price into the CPI B) determine if the new price is consistent with other price changes for the period C) determine if the size, quality, weight, or packing of the rice has changed and adjust the price accordingly D) ignore the price change E) immediately incorporate the new price into the CPI only if the price has fallen
Which of the following will shift the demand for the euro to the right?
A) expectations among speculators that the price of the euro will rise in the future B) an increase in incomes in countries that buy goods from the European Union C) an increase in interest rates in the European Union D) All of the above will shift the demand for the euro to the right.
Current concern about Social Security is that
A) the fund is growing too rapidly and would trigger inflation. B) the fund might be depleted before long and might not be there for workers who retire later. C) the government is planning to phase out the program. D) none of the above
Prices communicate information about relative availability of products. For example, a decrease in the price of corn signals to consumers and producers that: a. consumers are buying more corn than before
b. corn is relatively more abundant than before. c. corn is relatively less abundant than before. d. consumers are stocking up on corn because of the predictions of a cold winter.