A 2009 Chevrolet model has more horsepower than the 2008 version and is included in the BLS basket of goods. BLS attempts to account for this change in the market basket by
a. dropping the good from the basket.
b. substituting in a different vehicle with the same horsepower as the 2008 model.
c. adjusting the share of the market basket allocated to transportation.
d. adjusting the price of the good to account for the quality change.
d
Economics
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Variable cost divided by quantity produced is
a. average total cost. b. marginal cost. c. profit. d. None of the above is correct.
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Definition of leisure.
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A firm is operating at peak efficiency at the ________________.
Fill in the blank(s) with the appropriate word(s).
Economics
Compared to the previous three decades, after 1982 recessions have been ________ and expansions have been ________
A) longer, longer B) shorter, shorter C) longer, shorter D) shorter, longer
Economics