If 2014 is the base year, what is the price index for a market basket of goods for 2015 in the above table?
A) 97.3
B) 102.8
C) 128.0
D) Zero, since the price of CDs fell and the price of gasoline increased
B
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A typical firm in a cartel will hold which of the following attitudes?
A) If everyone cheats, I'm better off, and so is everyone in the cartel. B) If I alone cheat, I'm better off; if everyone cheats, I'm worse off. C) I can never do better for myself than following agreed-upon cartel rules. D) If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.
According to the law of demand, other things being equal
A) when the price a good goes up, then people buy more of that good. B) when the price a good goes up, then people buy less of that good. C) when people's income goes up, then they buy more of a good. D) when people's income goes up, then they buy less of a good.
Whenever average output produced per worker during a specific time-period increases, then
A) leisure time increases. B) nominal GDP decreases. C) labor productivity increases. D) the standard of living goes down.
Today, the earth has ________ of all of the species that have ever lived
A) less than 1 percent B) about 50 percent C) about 99 percent D) 100 percent