Which of the following has been the largest organized group of U.S. unions during the past 50 years?
A) AFL-CIO
B) AFL
C) CIO
D) Change to Win
Answer: A
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The CPI for 2012 was 121, and for 2013 it was 132. What was the inflation rate between 2012 and 2013?
A) 9.09 percent B) 11 percent C) 10 percent D) 8.3 percent E) 121.0 percent
If a firm in a monopolistically competitive market has a demand curve shifting to the right, it is likely that:
A. the selling price is less than the average total cost of the firm. B. positive economic profits are being earned. C. firms are entering the market. D. All of these statements are true.
Contrary to behavior that would be required to eliminate output gaps, many firms in the economy:
A. intentionally set prices below equilibrium prices in order to create shortages. B. adjust their prices only periodically. C. only change the amount of output they produce in the long run, not in the short run. D. have fully-flexible prices that change constantly.
Money serves as a standard of value, which is another way of saying that money functions as
A. a unit of accounting. B. standard of deferred payment. C. a medium of exchange. D. an opportunity cost of investment.