Suppose the CPI was 104 in 1967, and suppose currently the CPI is 390. According to the CPI, $10 in 1967 purchased the same number of goods and services as
a. $28.88 purchases today.
b. $37.50 purchases today.
c. $42.64 purchases today.
d. $104.00 purchases today.
Answer: B
Macroeconomics
- Suppose that a worker in Radioland can produce either 4 radios or 1 television per year, and a worker in Teeveeland can produce either 2 radios or 4 televisions per year. Each nation has 100 workers. Also suppose that each country completely specializes in producing the good for which it has a comparative advantage. If Radioland trades 100 radios to Teeveeland in exchange for 100 televisions each year, then each country's maximum consumption of new radios and televisions per year will be
- Economists generally support
- A good that is produce abroad and sold domestically is called
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- Suppose a gardener produces both green beans and corn in her garden. If she must give up 14 bushels of corn to get 5 bushels of green beans, then her opportunity cost of 1 bushel of green beans is
- The difference between production possibilities frontiers that are bowed out and those that are straight lines is that
- Without trade,
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- When two variables have a negative correlation,
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- The slope of a straight line is calculated by
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- Which of the following is an example of a normative statement?
- Which of these statements is a normative statement (as opposed to a positive statement)?
- Which of the following is an example of a positive statement?
- Economists consider normative statements to be
- A normative statement describes how the world
- Which is the best statement about the roles of economists?