Related to the Economics in Practice on p. 455: If a retiree's pension is tied to the CPI, her monthly pension check would tend to grow ________ if the pension is tied to the ________ CPI.
A. slower; chain-linked
B. slower; fixed-weight
C. faster; chain-linked
D. The check would grow at the same rate regardless of the type of CPI to which it is tied.
Answer: A
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In the market for labor:
A. individuals make up the demand. B. firms create the supply. C. the price in the market is the wage. D. individuals are never paid above their productivity.
The law of demand states that price and ______________ are _____________ related, ceteris paribus
A) demand; inversely B) quantity demanded; inversely C) demand; directly D) quantity demanded; directly E) ?quantity supplied; directly
According to the law of supply:
A. producers are willing to supply larger amounts of a good as its price increases. B. a direct relationship exists between the price of a good and the amount buyers choose to buy. C. an inverse relationship exists between the price of a good and the amount buyers wish to buy. D. an inverse relationship exists between the price of a good and the amount producers supply.
If the reserve ratio is 4 percent, then the money multiplier is
A. 25 B. 20 C. 4 D. None of the above is correct.