The CPI is a measure of the:
A. rate of inflation.
B. real wage.
C. price of a specific good or service.
D. average level of prices relative to prices in the base year.
Answer: D
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Graphically, the full-employment, low-inflation, rapid-growth economy of the last half of the 1990s is depicted by a ________.
A. rightward shift of the aggregate demand curve along a fixed aggregate supply curve B. leftward shift of the aggregate demand curve and a leftward shift of the aggregate supply curve C. rightward shift of the aggregate supply curve along a fixed aggregate demand curve D. rightward shift of the aggregate demand curve and a rightward shift of the aggregate supply curve
The balance of trade can only worsen if income ________ relative to absorption
A) increases B) decreases C) does not change D) None of the above
In 1900, the average life expectancy in the U.S. was:
a. 32 b. 47 c. 60 d. 68
If GDP is $400 billion, depreciation is $100 billion, and net factor income from the rest of the world is -$60 billion, then net national product is
A. $240 billion. B. $300 billion. C. $360 billion. D. $440 billion.