A price index:
A. measures how much the cost of a market basket has risen or fallen relative to the cost in a base time period.
B. summarizes the changes in the cost of living for only rural consumers.
C. allows us to see clearly the changes in the cost of a market basket daily.
D. is generally only used with consumer goods and services
A. measures how much the cost of a market basket has risen or fallen relative to the cost in a base time period.
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The purchasing power of money
A) rises when prices fall. B) rises when prices rise. C) is set by the Fed in January of each year. D) is constant.
All these are characteristics of a monopoly except,
a. There is one seller of the product b. Has few substitutes c. Controls a large share of the market d. Controls a small share of the market
For players in a repeated-play game to achieve cooperation:
A. the players must reach an explicit agreement to cooperate. B. the players need not explicitly state an agreement to cooperate, but must publicly display a commitment strategy. C. there is no need to enter into public commitment strategies or explicit agreements. D. there is no need for players to collude.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. higher; potential B. lower; higher C. lower; potential D. higher; higher