To determine the consumer price index (CPI), _____
a. the values of the current market basket at current and base-year prices need to be known
b. the values of the base-year market basket at current and base-year prices need to be known
c. the values of the current market basket at current prices and the base-year market basket at base-year prices need to be known
d. only the current market basket at base-year prices needs to be known
e. only the current market basket at current prices needs to be known
b
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Uncertainty is the result of ________ information that is often associated with ________ events.
A) incomplete; known B) incomplete; random C) complete; random D) complete; known
Members of the Populist Party supported
a. government ownership of banks. b. government ownership of railroads. c. government-imposed anti-monopoly policies. d. government policies designed to encourage inflation. e. All of the above.
Assume that markets clear. If in the labor market there is
a. an excess supply of labor, wages will rise b. an excess demand for labor, wages will fall c. an excess demand for labor, wages will rise d. an excess supply of labor, wages stay constant e. a decline in labor demand, wages will rise
Many economists are in favor of increased immigration of adult foreigners who possess high levels of skills and education. Why?
a. Economists are very caring individuals. b. Economists believe this is a way to increase understanding among different ethnic groups. c. Economists believe foreigners will work cheaper. d. Economists believe this will increase aggregate supply.