The price of a taco was $0.29 in 1970 and $1.09 in 2000. The CPI was 38.8 in 1970 and 172.2 in 2000. The 2000 price of a taco in 1970 dollars is:
A) $0.25.
B) $0.29.
C) $1.09.
D) $4.84.
B
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An oligopsony exists if
A. Only one firm accounts for most of the industry's employment. B. There is no buyer concentration in the labor market. C. Only a few firms produce most of the industry's output. D. Only a few firms account for most of the industry's employment.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30
If a friend of yours keeps cash hidden under the mattress, he is using money as a
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.
Refer to Figure 9-4. Under autarky, the equilibrium price is
A) $54. B) $30. C) $0. D) $24.