One way the consumer price index (CPI) differs from the GDP chain price index is that it:
a. includes only purchases of items bought by typical urban consumers.
b. uses only current year quantities.
c. is based on all final goods and services.
d. includes only services.
a
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Which of the following is NOT a characteristic of oligopoly firms?
A) strategic dependence B) product differentiation C) non-price competition, such as advertising and promotions D) perfectly elastic demand curves
For a firm facing a downward sloping demand curve, marginal revenue
A) is at a minimum at the midpoint of the demand curve. B) is greater at higher prices than at lower prices. C) increases each time prices are lowered. D) falls each time prices are raised.
There is a surplus of tomatoes in the market. This implies that:
A. The current price is set above the equilibrium level B. The price will be rising, as a result C. Supply of tomatoes is more than the demand D. Quantity demanded is more than quantity supplied
Suppose that when the price of hamburgers decreases, the Landry family decreases their purchases of chicken nuggets. To the Landry family
A) hamburgers and chicken nuggets are complements. B) hamburgers and chicken nuggets are inferior goods. C) hamburgers and chicken nuggets are normal goods. D) hamburgers and chicken nuggets are substitutes.