The Consumer Price Index for one year compares the
a. prices of all goods and services in the economy in that year compared to the prices of those goods and services in a base year
b. prices of consumer goods and services that a household purchases in that year to the prices of those goods and services purchased in a base year
c. prices of producer goods and services that are made for consumers in that year to the prices of those goods and services in a base year
d. prices of goods and services that are purchased by producers in that year to the prices of those goods and services in a base year
e. prices of goods and services that are purchased by consumer manufacturers in that year to the prices of those goods and services in a base year
B
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Roads can be considered either public goods or common resources, depending on how congested they are
a. True b. False Indicate whether the statement is true or false
Rational expectations refer to
A. the use of all available information in forecasting economic variables. B. the use of aggregate supply to forecast unemployment. C. the use of opportunity costs to forecast inflation. D. disinflation.
Goods that are produced but not immediately sold
A. count in the GDP as private investment. B. do not count in the GDP. C. count in the GDP as a change in private inventories. D. count in the GDP as intermediate input.
Suppose the income tax rate schedule is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on any income over $70,000. Family A earns $32,000 a year and Family B
earns $70,000 a year. Both families each receive a ten percent raise. What is the marginal tax rate of each and what is the extra tax paid by each after the raise? What will be an ideal response?