Match the term on the right that best describes the statement on the left.

State whether the following scenarios will tend to understate, overstate, or appropriately express CPI inflation. Netflix increases its subscription price and adds hundreds of new movies and original programming to its menu. During the pandemic, Chez Fonfon, an upscale dine-in French bistro in Birmingham, AL started selling its meals as take-out but kept its prices unchanged. As eggs become more expensive, consumers switch to cheaper plant-based egg substitutes, which are not yet included in the CPI.

A binding price control of $14 is set in this market. The price control represents a that creates a new quantity demanded equal to , a new quantity supplied equal to , and a equal to . As a result of the price control, a deadweight loss equal to is also created.

A binding price control of $14 is set in this market. The price control represents a that creates a new quantity demanded equal to , a new quantity supplied equal to , and a equal to . As a result of the price control, a deadweight loss equal to is also created.

Match the following statements to the term that best describes it. Terms might be used multiple times or not at all.  

PPF Japan India 1 unit of labor produces 12 units of clothing 9 units of clothing 1 unit of labor produces 12 computers 3 computers Each part is worth 2 points. Use the table given above to answer the following questions. Japan’s opportunity cost of producing 1 computer is Japan’s opportunity cost of producing 1 unit of clothing is India’s opportunity cost of producing 1 computer is India’s opportunity cost of producing 1 unit of clothing is Which country holds the comparative advantage over the other in clothing? Which country holds the comparative advantage over the other in computers? Which country holds the absolute advantage over the other in clothing? Which country holds the absolute advantage over the other in computers? Based on parts a – h, which of the following statements is true?

Each part of this question will be worth 2 points. State whether the following questions are “true” or “false.” You must explain your reasoning to receive full credit. Please record your answer by typing the letter that corresponds to the part you are answering. For example, if you are answering part a, type “a) your answer.”  A Nash equilibrium is always a dominant strategy. The government should always shutdown monopolies because competition is always best. A firm should shut down anytime it earns negative economic profit. Monopolistic competition is inferior to perfect competition because deadweight loss will exist. A perfectly competitive firm should always set a price below the market price. Members of a cartel rarely cheat because the cartel can earn bigger profits as a group. The equilibrium quantity under monopoly will always be larger than the competitive equilibrium.

Explain sampling error, coverage error, nonresponse error, and measurement error.

Explain sampling error, coverage error, nonresponse error, and measurement error.

“Wher e the facts and circumstances within the officers’ knowledge and of which they had reasonably trustworthy information is sufficient to warrant a person of reasonable caution in the belief that an offense has been or is being committed” is the Supreme Court’s definition of: