The consumer price index measures the cost of:
A. a fixed basket of goods and services.
B. all goods and services purchased by consumers.
C. goods and services required to live above the poverty level.
D. a changing basket of goods and services.
Answer: A
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In 1973, 1979 and 2007, the U.S. economy was hit by ________
A) the collapse of the financial sector B) the assassination of a Federal Reserve Board member C) three major aggregate supply shocks D) the after-effects of the process of creative destruction
Suppose an industry is composed of 10 firms. Each firm's share of total sales in the industry is 10 percent. If two of the firms merge, then the four-firm concentration ratio in the industry will
A) remain unchanged. B) decrease as there are fewer firms in the industry. C) increase. D) depend on the market condition faced by the industry.
Indifference curves
a. are nonintersecting. b. are contour lines of a utility function. c. are negatively sloped. d. All of the above.
Since people's incomes are limited and their abilities to borrow differ they face _____ constraints
a. psychological b. financial c. societal d. contractual