If the CPI was 108.00 in 1942 and is 336.96 today, then $10 in 1942 purchased the same amount of goods and services as
a. $2.57 purchases today.
b. $28.89 purchases today.
c. $31.20 purchases today.
d. $38.89 purchases today.
c
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Why are perfectly competitive markets considered efficient?
What will be an ideal response?
Which of the following conditions would distinguish a competitive firm from a monopolist?
a. The existence of a demand curve for the firm. b. The slope of the demand curve facing the firm. c. The rule of profit maximization, i.e., produce where MR = MC. d. The relationship between marginal revenue and total revenue. e. The existence of diseconomies of scale.
Firm managers should use inputs at levels where the:
A. Value marginal product of labor equals wage. B. Marginal benefit equals marginal cost and value marginal product of labor equals wage. C. Marginal benefit equals marginal cost. D. Price equals marginal product.
Which of the following statements about featherbedding is correct?
A. It may or may not increase the demand for labor. B. It may or may not increase wages. C. It forces a firm to hire more workers than it needs. D. All of these