The market basket approach:
A. measures changes in the cost of a fixed shopping basket, assuming that typical consumer buys the same items in the same quantities.
B. gives us a single number to measure how much your total costs for all goods and services change over time.
C. is equivalent to simply averaging the increase in the price of each grocery item.
D. is how economists monitor trends in what people like to buy from year to year.
A. measures changes in the cost of a fixed shopping basket, assuming that typical consumer buys the same items in the same quantities.
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Some of the earnings gap between ethnic groups might be explained by differences in the quality of schooling
Indicate whether the statement is true or false
Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand?
A. -1 B. -3 C. -1/3 D. -2/3 E. -5
In monopolistic competition there:
A. is only one buyer. B. are only a few sellers. C. are many sellers. D. is only one seller.
How could Raymond’s late-night behavior create a negative externality for his roommates?
a. if he practices his clarinet and prevents them from sleeping b. if he stays quietly in his own room and does not come out c. if he cleans the apartment and does their laundry while they sleep d. if he goes online and pays their utility bills and rent for the month