The Bureau of Labor Statistics has taken several steps to reduce the bias in the consumer price index. Which of the following is not one of the steps taken to reduce the bias?
A) conducting a point-of-purchase survey to track where consumers actually make their purchases
B) using statistical methods to reduce the size of the quality bias
C) updating the market basket every two years, rather than every 10 years
D) incorporating substitutions by consumers when prices of specific products rise rapidly
D
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Opportunity cost can always be measured in money terms.
Answer the following statement true (T) or false (F)
The following table provides information about production at the XYZ-TV Company.Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000 How many workers will XYZ-TV Company hire if the going wage for TV production workers is $60,000?
A. 4 B. More than 5 C. 0 D. 5
The Federal Reserve System was NOT
A. established with the 1913 passage of the Federal Reserve Act. B. the first attempt to have a United States central bank. C. intended to act as a "lender of last resort." D. designed to lend money to inherently sound banks so that they can survive financial panics.
Most economists contend that:
A. noncash gifts are more efficient than cash gifts. B. noncash gifts are less efficient than cash gifts. C. noncash and cash gifts are equally efficient. D. government can assess consumer preferences better than can consumers themselves.