The formula for finding a price index for a fixed basket of goods in the current year is
a. price of basket in current year ? price of basket in base year.
b. price of basket in current year/price of basket in base year.
c. price of basket in base year/price of basket in current year.
d. price of basket in current year – price of basket in base year.
b. price of basket in current year/price of basket in base year.
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Pat gives up a $40,000 per year job to stay at home and take care of the house. By so doing, Pat saves $15,000 in child care and house cleaning services which he now performs himself. The direct effect on GDP from Pat's decision is a decrease of
A) $25,000. B) $15,000. C) $30,000. D) $40,000. E) $55,000.
Roughly what was the change in Peru's per capita GDP between 1960 and 2011?
A) 105% B) 85% C) 40% D) 20%
If the market demand curve in a perfectly competitive industry shifts right, the demand curve for each existing firm will: a. shift up
b. shift down. c. shift right. d. shift left.
The relative concept of poverty means that poverty will never be eliminated.
Answer the following statement true (T) or false (F)