Cost-of-living adjustments are
A) changes in the basket of goods used in calculating the CPI.
B) automatic wage changes based on the CPI which are included in some union contracts.
C) quality measurements included in the calculation of the CPI.
D) averages of neighboring years' base prices used in constructing the CPI.
B
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Rank the following goods from least to most elastic: gasoline, Unocal gasoline, gasoline at Murph's Unocal Station
A) Gasoline, Unocal gasoline, gasoline at Murph's Unocal Station B) Gasoline, gasoline at Murph's Unocal Station, Unocal gasoline C) Gasoline at Murph's Unocal Station, Unocal gasoline, gasoline D) Unocal gasoline, gasoline at Murph's Unocal Station, gasoline E) Unocal gasoline, gasoline, gasoline at Murph's Unocal Station
Decreasing returns to scale may occur because increasing the amount of inputs used
A) increases specialization. B) always increases the amount of output produced. C) may cause coordination difficulties. D) increases efficiency.