The BLS has recently made explicit adjustments in its CPI calculations to control for
A. food safety quality issues.
B. purchase location adjustments.
C. issues relating to the frequency of market basket updates.
D. substitution between goods.
Answer: C
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Refer to the scenario above. The income per capita of Neoland is ________
A) $1,500 B) $1,200 C) $1,000 D) $7,200
Suppose a bank has $1 million in deposits, a reserve ratio of 25 percent, and reserves of $250,000. This bank has excess reserves of
A) $250,000. B) $125,000. C) $62,500. D) $0.
The level of economic activity in a given year will cause the budget deficit to vary.
A. True B. False C. Uncertain
Which of the following is NOT a condition that helps enforce a cartel agreement?
A) a small number of firms B) nearly homogeneous products C) easily observable prices D) large variation in input prices