Choices need to be made because of all of the following, except limited _____
a. resources
b. income
c. wants
d. time
e. availability of goods
c
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International Reserve assets are comprised of gold, foreign exchange, and IMF special drawing rights
Indicate whether the statement is true or false
The Fed believes there are three advantages to using the personal consumption expenditures (PCE) price index instead of the CPI as a measure of inflation. These advantages include all of the following except
A) the PCE is a chain-type index as opposed to the market-basket approach used for the CPI, and the market-basket approach tends to overstate inflation. B) the PCE includes the prices of more goods and services than the CPI, so it is a broader measure of inflation. C) the PCE allows the Fed to better track historical trends in inflation than does the CPI because PCE values can be recalculated as new data becomes available. D) the PCE includes the value of imported products purchased by consumers , whereas the CPI does not, and imports make up a growing portion of consumer purchases in the United States.
The Sherman Antitrust Act of 1890 prohibits:
a. monopolization. b. perfect competition. c. oligopoly. d. monopolistic competition.
Which of the following is a plausible reason that restaurants offer "Senior Citizen Discounts"?
A) Senior citizens tend to have relatively more elastic demands for restaurant meals than other consumer groups. B) Senior citizens tend to have relatively more inelastic demands for restaurant meals. than other consumer groups. C) Senior citizens are not very sensitive to changes in prices. D) Senior citizens are easily fooled by "come-ons" and are therefore frequently victims of price discrimination.