In economics, marginal means
a. incremental or decremental
b. unimportant
c. level or size
d. a border-line situation
e. a bad alternative
A
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Which of the following things does not have an objective cost?
A) Platinum B) Water C) Ski lift tickets D) Medical equipment E) None of the above has an objective cost.
When statisticians fail to allow for the possibility that consumers switch from products with rising prices to those whose prices are stable or falling, the CPI will tend to ________ the rate of inflation.
A. overstate B. be unrelated to C. precisely measure D. understate
Refer to the information provided in Figure 25.1 below to answer the question(s) that follow.
Figure 25.1Refer to Figure 25.1. A movement from Point A to Point C can be caused by
A. an increase in the interest rate. B. a decrease in the interest rate. C. a decrease in nominal income. D. an increase in nominal income.
Calculate the user cost of capital of a machine that costs $5000 and depreciates at a 25% rate, when the nominal interest rate is 5% and the expected inflation rate is 10%.
A. $100 B. $1000 C. $5000 D. $1500