A price index shows
A. the price of goods in the future.
B. the current cost of a basket of goods.
C. the relative price of necessities.
D. the cost of today's goods expressed in terms of the cost of goods in a base year.
Answer: D
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Product-specific services are most likely to be valuable for which of the following goods?
A) a broom B) a lawn tractor C) a shovel D) a lawn rake
The price of one currency in terms of another is the
A) price of gold. B) price of a SDR. C) foreign exchange rate. D) price of foreign stock.
Which of the following is the best example of a natural monopoly?
a. gold mining in the Colorado Rocky Mountains b. filmmaking in Hollywood c. electrical service to homes in Seattle d. production of film by Kodak e. production of computers by IBM
If a union raises the wage in its industry above equilibrium, then there is an increase in
a. structural unemployment which is part of cyclical unemployment. b. structural unemployment which is part of the natural rate of unemployment. c. frictional unemployment which is part of cyclical unemployment. d. frictional unemployment which is part of the natural rate of unemployment.