From 2009 to 2013, the price level in the U.S. has increased by 8.3 percent. This implies that the price index in 2012 was:
a. 108.3.
b. 183
c. 100.
d. 98.3.
e. 92.7.
a
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The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called the marginal benefit
Indicate whether the statement is true or false
Economists collect data on prices in every country and develop an index that describes the overall difference in prices between countries called the:
A. price parity purchasing index. B. consumer price index. C. consumer purchasing power index. D. purchasing power parity index.
Any costly activity firms undertake to protect their monopoly status is referred to as
a. market power b. price-setting behavior c. rent seeking d. economies of scale e. legal intervention
The mid-1990s political debate on welfare resulted in Congress legislating in August of 1996,
a. the Taft-Hartley Act b. the Small Business Job Protection Act c. Graham-Rudman-Hollings d. the Wilmot Proviso e. the Personal Responsibility and Work Opportunity Reconciliation Act