In 2008, Cameron began his career with SBC. His starting salary was $32,000. By 2012, his salary increased to $35,000. If the CPI was 100.0 in 2008 and 107.5 in 2012, Cameron's 2012 real income is

Refer to Figure 4-6. At the equilibrium price of P1, consumers are willing to buy Q1 pounds of granola. Is this an economically efficient quantity?

A) No, the marginal cost of the last unit (Q1 ) exceeds the marginal benefit of the last unit. B) No, the marginal benefit of the last unit (Q1 ) exceeds the marginal cost of that last unit. C) Yes, because P1 is the price where marginal benefit equals marginal cost. D) Yes, because marginal cost is zero at the price of P1.

One of the main causes of economic inequality in Latin America is the

A) failure of governments to support urban consumers. B) lack of progress in raising agricultural productivity. C) lack of governmental interest in solving the problem of inequality. D) focus of governments on agricultural exports to the detriment of food production. E) oil crisis of the 1970s.