For an imaginary economy, the consumer price index was 80 in 2014, 100 in 2015, and 140 in 2016 . Which of the following statements is correct?
a. If the basket of goods that is used to calculate the CPI cost $40 in 2014, then that basket of goods cost $60 in 2015.
b. If the basket of goods that is used to calculate the CPI cost $25 in 2015, then that basket of goods cost $35 in 2016.
c. The overall level of prices increased by 60 percent between 2014 and 2016.
d. All of the above are correct.
b
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If US workers can produce everything in less time than Mexican workers, it is not possible for the US to gain from trade with Mexico
a. True b. False Indicate whether the statement is true or false
Refer to the table below. Marginal utility becomes negative with the consumption of the:
The table below shows the utility schedule for a consumer of candy bars.
A. Not shown in the table; marginal utility remains positive throughout
B. Fifth candy bar
C. Sixth candy bar
D. Seventh candy bar