The formula for the CPI is
A) (Cost of CPI market basket at base period prices ÷ Cost of CPI market basket at current period prices) × 100.
B) (Cost of CPI market basket at current period prices ÷ Cost of CPI market basket at base period prices) × 100.
C) (Cost of CPI market basket this year × Cost of CPI market basket at base period prices) × 100.
D) (Cost of CPI market basket this year × Cost of CPI market basket at base period prices) ÷ 100.
E) (Cost of CPI market basket at current period prices ÷ Cost of CPI market basket at next year's prices) × 100.
B
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Suppose Country A had net taxes of $30 million and government expenditures of $35 million. In addition, household saving in Country A totaled $5 million while consumption was $80 million
The government of Country A is running a budget ________ and national saving is ________ million. A) surplus; $5 B) deficit; -$5 C) deficit; $0 D) surplus; $25
A tariff is a tax imposed by a government on imports
Indicate whether the statement is true or false
Inflation targeting is a framework for carrying out monetary policy whereby
A) the central bank commits to a monetary growth rule. B) the central bank commits to achieving a publicly announced level of inflation. C) the central bank commits to achieving a target level of inflation which is never announced publicly. D) the central bank adopts a rigid target for inflation and ignores declines in output.
If global warming began to cause random world-wide damage to crops, insurance companies
A) would insure against specific crop failures. B) would not insure against specific crop failures. C) would be indifferent between insuring or not. D) would find themselves facing prosecution for ignoring the problem for so long.