The statistical measure of the weighted average of prices of goods purchased by a typical individual is called the
A. Producer Price Index.
B. Consumer Price Index.
C. Gross Domestic Product (GDP) deflator.
D. Personal Consumption Expenditure Index.
Answer: B
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Use the information provided in Exhibit 11-4. If a person’s taxable income is $110,000, how much does he pay in taxes?
A) $21,750 B) $33,000 C) $24,750 D) $48,000
Mary looks over reports on four of her workers. Jack made 30 baskets in 5 hours. Rudy made 32 baskets in 8 hours. Sam made 40 baskets in 12 hours. Walter made 22 baskets in four hours. Who has the greatest productivity?
a. Jack b. Rudy c. Sam d. Walter
The Grangers, an agrarian society, would most likely support which policy?
The invention of machinery that can double the amount of gold extracted from raw ore will likely: a. raise the world price of gold to pay for the new machinery
b. lower the world price of gold because any given amount can now be produced more cheaply. c. raise the world price of gold because miners' wages must double as their productivity doubles. d. lower the world price of gold only if new mining companies are not allowed to enter the industry.