Suppose that the price of chicken rises sharply compared to the price of turkey. in response, consumers buy more turkey and less chicken than they did in the cpi base year. in this situation the cpi will tend to inflation as a result of bias
a) overstate; substitution
b) understate; substitution
c) accurately measure; substitution
d) overstate; quality adjustment
Answers: 1
Business, 22.06.2019 11:50
The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
Answers: 3
Business, 22.06.2019 13:20
Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.
Answers: 1
Business, 22.06.2019 13:40
The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east west sales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 ) the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss)
Answers: 1
Business, 22.06.2019 15:30
Brenda wants a new car that will be dependable transportation and look good. she wants to satisfy both functional and psychological needs. true or false
Answers: 1
Suppose that the price of chicken rises sharply compared to the price of turkey. in response, consum...
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