The Consumer Price Index is
A. A measure of changes in the average price of consumer goods and services.
B. A measure of changes in the average price of all goods and services.
C. The impact felt by consumers who move into a higher tax bracket because of inflation.
D. Used to measure the impact of business speculation on consumers.
Answer: A
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Why are prices for groceries and household items typically higher at a 24-hour convenience store compared to stores open from 6 am to 11 pm?
A) Shoppers' options are generally fewer in the middle of the night. B) The elasticity of demand of the middle-of-the-night shopper is typically higher than the mid-day shopper's elasticity. C) The owners of the 24-hour stores are typically more selfish than the others. D) The owners of the 24-hour stores are more interested in maximizing net revenue compared to the others.
Which of the following is not a way that a corporate tax on the income of U.S. car companies will affect markets?
a. The price of cars will rise. b. The wages of auto workers will fall. c. Owners of car companies (stockholders) will receive less profit. d. Less deadweight loss will occur since corporations are entities and not people who respond to incentives.