Refer to Table 20-3. Assume the market basket for the consumer price index has three products—Cokes, hamburgers, and CDs—with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 75.
B) 93.
C) 108.
D) 121.
D
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An individual’s demand schedule
A. provides information about what quantity a consumer is willing and able to buy at each price. B. tells a buyer how many other buyers will try to purchase an item. C. is a schedule that regulates monthly sales of scarce goods and services. D. is of no use without its accompanying supply schedule.
Trade surplus is the excess of exports over ________
A) capital outflows B) factor payments C) transfers D) imports
In spring 2008, the U.S. Congress proposed to tax oil companies because of their near-monopoly status. This could have the unintended consequence of
A) increasing the equilibrium price by more than the tax. B) destroying the oil companies and leaving the United States without oil. C) increasing the profit of the best oil company. D) decreasing the power of the U.S. Congress.
As of 2008, which of the following countries had a female literacy rate of less than 50%?
a. India b. Greece c. Finland d. Ethiopia e. Namibia