For an imaginary economy, the consumer price index was 115.00 in 2004, 126.50 in 2005, and 136.62 in 2006 . Which of the following statements is correct?
a. For this economy, the base year must be 2004.
b. If the basket of goods that is used to calculate the CPI cost $75.00 in the base year, then that basket of goods cost $115.00 in 2004.
c. This economy's rate of inflation for 2006 is 10.12 percent.
d. None of the above is correct.
d
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A tax on cigarettes can be expected to reduce teen smoking more than it reduces adult smoking.
Answer the following statement true (T) or false (F)
As of 2013, the debt of the U.S. government amounted to roughly ________ per person
A) $50,000 B) $8 million C) $500,000 D) $800
The differing elasticities of the supply and demand curves for labor mean that the burden of the payroll tax is placed mostly on ______.
a. investors b. government c. firms d. workers
A monopolist that can practice perfect price discrimination will not impose a deadweight loss on society
a. True b. False Indicate whether the statement is true or false