The fastest-growing part of the federal budget is
A) national defense.
B) payments for services rendered.
C) entitlements.
D) government salaries.
C
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To measure core inflation, the BLS removes goods that:
A. have historically volatile prices. B. are considered necessities. C. are luxury goods. D. are durable and hold a constant value.
Growing rice requires extensive irrigation in California. Economists consider water to be a ________ for rice farmers in California.
A. need B. inferior good C. luxury D. want
When the nominal exchange changes from 110 yen per dollar to 120 yen per dollar, the dollar has:
A. depreciated. B. become overvalued. C. become undervalued. D. appreciated.
The points on a production possibilities curve show
A. Actual output. B. Desired output. C. Potential output. D. None of the choices are correct.