The reference base period is 2002. A consumer price index of 122 in 2009 means that
A) the average of the prices paid by urban consumers for a fixed market basket of consumer goods and
services was 22 percent higher in 2009 than it was on average during 2002.
B) prices of consumer goods have gone up by a factor of 12.2.
C) if the price of a good was $100 in 2002, its price in 2009 is $122.
D) the market basket of consumer goods that cost $122 in 2002 can be purchased for $100 in 2009.
E) prices of consumer goods have more than doubled.
A) the average of the prices paid by urban consumers for a fixed market basket of consumer goods and
services was 22 percent higher in 2009 than it was on average during 2002.
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Direct controls have traditionally been used heavily to control pollution in the United States.
Answer the following statement true (T) or false (F)
The U.S. economy is relatively closed in terms of economic activity related to exports and imports
a. True b. False Indicate whether the statement is true or false
During the 2000-2009 decade,
a. the economic freedom rating of the United States fell, but the growth rate of real GDP was more rapid than in recent decades. b. the economic freedom rating of the United States increased and the growth of real GDP was more rapid than that of recent decades. c. the economic freedom rating of the United States fell and the growth of real GDP was less rapid than that of recent decades. d. the economic freedom rating of the United States increased but the growth of real GDP was less rapid than that of recent decades.
In 2015, imports represented:
A. about 1 percent of U.S. GDP. B. about 15 percent of U.S. GDP. C. about 40 percent of U.S. GDP. D. nearly 70 percent of U.S. GDP.