Using current exchange rates, the U.S. standard of living is ranked
A) higher than it would be under the purchasing power parity method.
B) lower than it would be under the purchasing power parity method.
C) number one in the world.
D) among the lowest in the world.
E) none of the above
B
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In 1996, an advisory committee of economists that studied the CPI found
a. no bias in the CPI b. that in a typical year the CPI overstates the inflation rate by at least 1.1 percent per year c. that the CPI consistently overestimates the inflation rate by less than 1 percent per year d. that the CPI typically underestimates the inflation rate e. that the CPI is somewhat erratic; it occasionally underestimates and occasionally overestimates the inflation rate
Which of the following is true for a profit-maximizing competitive firm in the long run but not a monopolist?
A. MC = MR. B. MC = P. C. AR = P. D. Q > 0.