The measure of the cost of a standard basket of goods and services in any period relative to the cost of the same basket of goods and services in the base year is called the:
A. consumer price index.
B. consumption cost calculator.
C. consumption production index.
D. consumer production index.
Answer: A
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Capital, as a factor of production, refers to
A) the tools and instruments used to produce other goods and services. B) stocks and bonds, but not money. C) money, stocks, and bonds. D) the production technology used by firms. E) the production factors imported from abroad.
Implicit costs involve an exchange of money
Indicate whether the statement is true or false
In an effort to balance the federal budget, an increase in Social Security taxes is passed. What is the most likely effect of this on equilibrium GDP?
a. GDP will increase. b. GDP will decrease. c. GDP will not change but prices will rise. d. GDP will not change but employment will increase.
Refer to the information for this hypothetical economy provided in Table 20.2 below to answer the question(s) that follow.Table 20.2 2014 2015 2016QuarterIIIIIIIVIIIIIIIVIIIIIIIVOutput98949010210510811010397949090Refer to Table 20.2. In this economy, a contraction existed around the
A. fourth quarter of 2014 to the fourth quarter of 2015. B. first quarter of 2014 to the third quarter of 2014. C. first quarter of 2015 to the fourth quarter of 2015. D. third quarter of 2016 to the fourth quarter of 2016.