In constructing the consumer price index for the current year
A. the average price of a "bundle" of goods purchased in a base year is divided by the prices of the same bundle that existed during the current year.
B. the average price of a "bundle" of goods purchased during a base year is divided into the price that existed in the current year.
C. the total cost of a "bundle" of goods purchased in a base year is divided by the cost of the same bundle that existed during the current year.
D. the total cost of a "bundle" of goods purchased in a base year is divided into the cost of the same bundle that existed during the current year.
D. the total cost of a "bundle" of goods purchased in a base year is divided into the cost of the same bundle that existed during the current year.
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In the case of a linear demand curve, average revenue is equal to price, while (with the exception of Q = 1 ) marginal revenue is less than price
Indicate whether the statement is true or false
Suppose that during a given month 200,000 persons who had been self-employed leave their business and get jobs working for other businesses. This might give __________ bias to the __________ indicator
A) an optimistic; unemployment rate B) a pessimistic; unemployment rate C) an optimistic; payroll employment D) a pessimistic; payroll employment
The difference between the maximum amount that a consumer is willing to pay for a product and the price that is paid for the product describes:
A. consumer surplus. B. the cost of producing a unit of the product. C. marginal utility. D. producer surplus.
All of the following would increase the natural rate of unemployment EXCEPT
A. government licensing of teachers restricts employment. B. a mismatch of skills and jobs. C. union activity restricts the mobility of labor. D. an economic recession.