A change in a third variable not on either axis of a graph is illustrated with a:

a. horizontal or vertical line. b. movement along a curve.
c. shift of a curve. d. point of intersection.

c

Economics

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Based on the CPI, how do we measure annual inflation?

a. We compute the total price of a fixed set ("market basket") of goods and services in a base year, such as 2003, and in a future year, such as 2004. b. We get CPI for 2004 by multiplying the 2004 total cost with the 2003 total cost, and divide by 100 . A similar calculation will yield the CPI value for 2003. c. We get CPI for 2004 by adding the CPI value for 2003 to the CPI value for 2004, and multiply by 100. d. We compute the total cost of a fixed set ("market basket") of goods and services in a base year, such as 2003, and in a future year, such as 2004.

Economics

If demand for the product you make were to suddenly decline, you would expect the equilibrium price of the product to fall, which would lead to:

A. no change the VMP of each worker because product prices don't affect worker productivity. B. a decrease in the marginal productivity of each worker. C. an increase in the VMP of each worker. D. a decrease in the VMP of each worker.

Economics