The market basket approach:
A. gives us a list of what the typical consumer buys and the average price change of those goods.
B. tells us how the prices of all goods and services in an economy change over time.
C. gives us a single number that represents how changing prices affect the typical consumer.
D. tells us exactly how people change what they buy from year to year.
Answer: C
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Unanticipated inflation penalizes: a. those who are saving
b. those who are borrowing. c. governments. d. those who are in high-growth industries where wages are growing faster than prices. e. those who can't find jobs at any wage rate.
Net taxes:
What will be an ideal response?
Who is most likely to face the highest finance charges?
A) a customer who pays bills online B) an employed individual who makes timely payments C) a person who pays off a credit card balance each month D) a person with a bad credit history and a lot of debt
Monopolistic competitors that give better deals to new customers than old customers assume that regular buyers have a ____________ demand than new buyers.
A. less inelastic B. more inelastic C. more elastic D. None of these choices are correct.