Refer to Table 9-4. Assume the market basket for the consumer price index has two products — meat and potatoes — with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals

The limits of the terms of trade between two countries are determined by those countries' opportunity costs of production

a. True b. False

Rent-seeking is:

A. illegal. B. a reason that the deadweight loss from a monopoly could be just a small fraction of the actual loss caused by monopoly power. C. the process for that profit-maximizing monopolies use to determine optimal product quality. D. another term for advertising.