Refer to Table 20-2. Assume the market basket for the consumer price index has two products—bread and milk—with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118.
B) 116.
C) 86.
D) 85.
B
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A rational choice is one that
A) must be made with perfect information. B) is made in the social interest rather than the self-interest. C) creates no costs for the decision maker. D) always turns out for the best for the decision maker. E) uses the available resources to most effectively satisfy the wants of the person making the choice.
A relatively steep money demand schedule reflects the assumption that the interest elasticity of money demand is
a. low (in absolute value). b. high (in absolute value). c. zero. d. indefinite.
Health insurance was not an important policy issues prior to 1940 because _____
a. less than 10 percent of the U.S. population had health insurance b. health care was so cheap c. of the widespread ability of local charitable hospitals d. most individuals were covered by veteran health benefits
A strategy in which a player uses probabilities to decide which strategy to use is called a
A) pure strategy. B) mixed strategy. C) Pareto strategy. D) coin flip strategy.