Price indexes like the CPI are calculated using a base year. The term base year refers to:
a. the first year that price data are available.
b. any year in which inflation was higher than 5 percent.
c. the most recent year in which the business cycle hit the trough.
d. an arbitrarily chosen reference year.
d
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In the above figure, a negative relationship is demonstrated in which of the graphs?
A) Figure A B) Figure B C) Figure C D) Figure D
If gas prices suddenly change from $2 a gallon to $4 a gallon, larger, more remote stores with lower prices are ________ to have a(n) ________ in the number of customers.
A) likely; decrease B) not likely; decrease C) likely; increase D) not likely; cha
A voting procedure in which the winner must defeat each of the other alternatives in head-to-head contests is known as the
A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
China runs a current account surplus with the United States. Which of the following must be true about China's balance of payments with the United States?
A) Its net exports must be negative. B) It must run a financial account deficit. C) Its balance of payments must run a deficit. D) Its balance of trade must be in deficit.