The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The cost of the CPI market basket in 2010 is
A) $52.00.
B) $5.00.
C) $64.00.
D) $8.50.
E) unable to be calculated because information is needed about the quantities purchased in 2010.
C
Economics
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Refer to Table 9-11. Which country has an absolute advantage in producing clocks?
A) Denmark B) Belize C) both countries D) neither country
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If the market price ever drops below a firm's average variable costs at its profit-maximizing level of output the:
A. firm should shut down immediately. B. loss-minimizing quantity of output is zero. C. firm is not earning enough revenue to cover the variable costs of production. D. All of these are true.
Economics