The base period for CPI calculations is generally 1982-84. In 2005, 50% of households accessed the Internet through a broadband connection that would not have existed in the 1980s. This potential for bias in the CPI is referred to as ________ bias and
results in ________.
A) outlet; the CPI underestimating the true change in the cost of living
B) new product; the CPI overestimating the true change in the cost of living
C) outlet; the CPI overestimating the true change in the cost of living
D) net product; the CPI underestimating the true change in the cost of living
Answer: B
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Average labor productivity is the
A) amount of workers per machine. B) amount of machines per worker. C) ratio of employed to unemployed workers. D) amount of output per worker.
Which of the following is an example of a barter transaction?
A) An individual pays her electric bill with a check. B) An individual pays her electric bill with currency. C) An individual provides three light bulbs to her neighbor in exchange for two gallons of milk. D) An individual deposits three twenty-dollar bills in her checking account.
An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. The production possibilities frontier (PPF) for the economy is
What will be an ideal response?
The farm employment in the United States amounted to about what percentage of the total employment in 2009?
A. Less than 2 percent B. About 8 percent C. About 15 percent D. Close to 20 percent