The consumer basket used calculating the CPI depends on the goods and services selected in the base year. Suppose in 2000 we used 1952 as a base year. It would be less representative of the goods and services we buy in 2000 because the only good included in the CPI would be

The figure above shows the labor demand and labor supply curves for workers in local fast-food restaurants. The fast-food restaurant industry is competitive. A decrease in the supply of labor shifts the labor supply curve from LS0 to LS1

Fast-food restaurants hire ________ and total labor income earned by the fast-food workers ________. A) 40 hours of labor a day; increases B) 30 hours of labor a day; decreases C) 40 hours of labor a day; decreases D) 30 hours of labor a day; increases

All of the following are examples of goods for which external costs commonly exist EXCEPT

A) cigarettes. B) automobiles. C) vaccinations. D) oil transportation.