Fiscal policy is determined by the Federal Reserve System
Indicate whether the statement is true or false
FALSE
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If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
If you buy a book of U.S. postage stamps to use to mail love letters to your sweetheart, the purchase is considered part of:
a. C. b. I. c. G. d. X. e. M.
The consumer price index (CPI) is a number that measures movements in the average (general) level of prices
a. True b. False Indicate whether the statement is true or false
Among the answers given below, which one does not explain why an economy grows?
a. growth of population and the labor force b. capital accumulation and capital deepening c. technological change d. high death rates and high birth rates e. increases in skill levels for workers