The ability of a good to satisfy a want refers to its:
a. usefulness.
b. utility.
c. worthiness.
d. necessity.
b
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Last year the CPI was 177.1 and this year the CPI is 180.9. What was the inflation rate between these two years?
What will be an ideal response?
The measurement of economic growth cannot take into account
A) the service sector of an economy. B) productive activity in an economy. C) cultural aspects of life in a country. D) differences in inflation rates across countries.
Considering the relevant market structures, which is an INCORRECT statement?
A) In a perfectly competitive situation, there is an extremely large number of firms. B) In pure monopoly, there is only one firm. C) In monopolistic competition, there is a large number of firms. D) In any market situation, the number of firms is not very important.
In the aggregate expenditures model of the economy, a downward shift in aggregate expenditures can be caused by a decrease in
A. taxes or an increase in government spending. B. government spending or an increase in taxes. C. saving or an increase in government spending. D. interest rates or a decrease in taxes.