If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would
A) decrease. B) remain the same. C) equal 20%. D) increase.
A
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The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, consumer surplus will be
A) a. B) a + b + f. C) a + b + c. D) a + b + c + f + g.
Which of the following is an example of anchoring in retail prices?
A) Price tags on the merchandise list a "high" price that is charged at a competing retailer and the a much lower price that the store actually charges. B) An appliance store lists a commercial-quality coffee maker that has high capacity and is very expensive, and all of the other coffee makers are smaller and less expensive. C) Restaurant menus include a premium entree like a steak and lobster dinner that is very expensive, and all of the other entree choices are priced at lower values. D) all of the above
Which of the following is not true about government spending on national defense?
a. It is the third-largest spending category for the U.S. federal government. b. It includes salaries of military personnel. c. It fluctuates over time as the political climate changes. d. It is not financed with tax revenue.
Which of the following companies was not fined in 2011 for attempting to run an international cartel and fix prices?
A. Intel. B. Danfoss. C. Panasonic. D. Whirlpool.