What basket of goods and services is used to construct the CPI?
a. a random sample of all goods and services produced in the economy
b. the goods and services that are typically bought by consumers as determined by government surveys
c. only food, clothing, transportation, entertainment, and education
d. the least expensive and the most expensive goods and services in each major category of consumer expenditures
b
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Which of the following could cause a recession?
A. A decline in aggregate demand B. A decline in unemployment C. An increase in aggregate supply D. An increase in government spending
What happens to standards of living over time with stagnant economic growth rates?
a. steady growth b. little change c. regulatory control d. notable decrease
Which of the following is the treaty that took the participating countries from a free trade area to a common market?
A) The Treaty of Rome B) The Maastricht Treaty C) The Single European Act D) The Treaty on European Union
You have decided that you want to attend a costume party as Black Panther. You estimate that it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that the additional pieces you need will cost you $25 more. The marginal cost of completing the costume is
A. $15. B. $25. C. $40. D. $65.