The Consumer Price Index compares the:
a. prices of all goods and services in the economy compared to the prices of those goods and services in a base year.
b. prices of consumer goods and services that a household purchases 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 to the prices of those goods and services in a base year.
d. prices of goods and services that are purchased by producers to the prices of those goods and services in a base year.
e. prices of goods and services that are purchased by consumer manufacturers to the prices of those goods and services in a base year.
b
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The demand for Country X's most important exportable product- electronic goods- is likely to double in the next 5 years. Which of the following is likely to happen in this case?
A) Consumption in Country X will rise. B) Asset prices in Country X will fall. C) Unemployment rate in Country X will rise. D) Investment in Country X will fall.
The quantity of CDs that firms plan to sell this month depends on all of the following EXCEPT the
A) number of producers of CDs. B) quantity of CDs that people plan to buy. C) wage rate of workers who produce CDs. D) price of a CD.
Using anti-trust law to break up a monopoly
a. will increase economic efficiency b. makes sense if the market would function well under competitive conditions c. makes sense if the monopoly resulted from network externalities d. makes sense if the monopoly resulted from a patent or copyright e. would increase producer surplus
In the United States, which is the largest dollar figure?
A) disposable personal income B) gross domestic product C) per-capita GDP D) personal income