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BM1101 Business Economics (PRD2 A 2023/24)

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Would the maximin criterion achieve perfect income equality?
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When the government taxes income as part of a redistribution program,
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Suppose a society consists of only two people, John and Jane. A utilitarian would say that the proper role of government in this society is to
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David earned a salary of $43,500 in 1994 and $89,000 in 2010. The consumer price index was 148.2 in 1994 and 215.3 in 2010. David's 1994 salary in 2010 dollars is
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Table 24-10

The table below shows the prices of baseballs and baseball bats for three years. Assume the typical consumer's basket consists of 6 baseballs and 2 baseball bats.

Year

Price of a

Baseball

Price of a

Baseball Bat

2008

$3.25

$75

2009

$3.75

$82

2010

$4.50

$96

Refer to Table 24-10. The inflation rate was
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Table 24-10

The table below shows the prices of baseballs and baseball bats for three years. Assume the typical consumer's basket consists of 6 baseballs and 2 baseball bats.

Year

Price of a

Baseball

Price of a

Baseball Bat

2008

$3.25

$75

2009

$3.75

$82

2010

$4.50

$96

Refer to Table 24-10. If 2008 is the base year, then the consumer price index was
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0%
0%
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Table 24-10

The table below shows the prices of baseballs and baseball bats for three years. Assume the typical consumer's basket consists of 6 baseballs and 2 baseball bats.

Year

Price of a

Baseball

Price of a

Baseball Bat

2008

$3.25

$75

2009

$3.75

$82

2010

$4.50

$96

Refer to Table 24-10. How much was the cost of the basket in 2008?
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When the consumer price index rises, the typical family
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The inflation rate is defined as the
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Consider a small economy in which consumers buy only two goods: apples and pears. In order to compute the consumer price index for this economy for two or more consecutive years, we assume that
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