The substitution of one good for another by consumers:
A. due to price changes is captured by the CPI.
B. due to changes in tastes/preferences is captured by the CPI.
C. is captured by the CPI.
D. is not captured by the CPI.
D. is not captured by the CPI.
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The labor force does not include people in the working-age population who are:
A. employed. B. not actively trying to find a job. C. retired, a full-time student, or stay-at-home parent. D. employed part time.
Based on export ratios, which of the following countries is closest to being a closed economy?
A. Saudi Arabia. B. Samoa. C. Belgium. D. China.
Which of the following is an accurate statement about monopolistic competition?
a. It has a low level of competition among sellers. b. It sells virtually identical products. c. It has elements of both monopoly and perfect competition. d. It has no need to use advertising.
A good for which the demand falls when income rises
a. demand curve b. income effect c. elastic d. inferior good