A worker received $5 for a daily wage in 1930, which has the equivalent value of $63.24 today. If the CPI was 17 in 1930 what is the value of the CPI today, rounded to the nearest whole number?

Which of the following cases are examples of industries that have potentially increasing costs due to scarce inputs?

A) Petroleum production B) Medical care C) Legal services D) all of the above

In the long run, an entrepreneur who owns a perfectly competitive firm will earn an income just equal to what she could earn in the next best alternative use of her time

a. True b. False