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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Economic rent is paid only to land, and not to other resources.
Answer the following statement true (T) or false (F)
One possible reason that the country of Whatsis is trapped in poverty is
a. a lack of mineral wealth b. an honest and functional government c. laws and regulations to help detect fiscal fraud d. a free press e. a civil war
When the Fed issues currency
A. this increases our money supply only if it replaces old, worn-out currency. B. this increases our money supply only if it is used to accommodate the public's desire to hold more currency. C. this increases our money supply either if it replaces old, worn currency, or if it is used to accommodate the public's desire to hold more currency. D. this does not increase our money supply.
Advertising is a waste of money and just drives up costs and thus price to consumers.
Answer the following statement true (T) or false (F)