Product improvements make it difficult for the statisticians who construct the CPI to distinguish between ________ changes and ________ changes.
A. price; quality
B. income; price
C. quantity; quality
D. quantity; price
Answer: A
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If a price decrease results in your expenditure on a good decreasing, your demand must be
A) inelastic. B) unit. C) elastic. D) linear.
"Consumed by one, consumed by all." This describes
A) public goods. B) private goods. C) consumer goods. D) inferior goods.
The unemployment rate never falls to ________________ percent.
a. three b. five c. zero d. one
Minimum wage laws
a. creates a surplus of labor in markets where the equilibrium wage is above the minimum wage. b. cannot be valid unless labor unions are sufficiently powerful to force enactment of those laws in the first place. c. are likely to have a greater effect on unskilled-labor markets than on skilled-labor markets. d. All of the above are correct.