The CPI's approach is to
a. track the cost of the CPI market basket, which is the collection of goods and services that the typical consumer buys.
b. track the cost of the CPI market basket, which is the collection of every good and service that is for sale in the U.S.
c. track the cost of housing, and food and beverage expenditures.
d. track the cost of the CPI market basket, which is the collection of every good that is for sale in the U.S.
e. track the cost of the CPI market basket, which is the collection of goods that the typical consumer buys.
A
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A perfectly competitive market is characterized by
A) high barriers to entry. B) firms that are price setters. C) firms facing a downward sloping demand curve. D) no restrictions on entry into the market.
The poor in the United States are disproportionately people who
a. have less than a high school education b. have incomes that are essentially nonwage incomes c. are poor white women d. are families with over 5 children e. live in cities
When there is a recession (a fall in output) and prices are increasing, and this situation is caused by adverse supply shocks, the term economists use to describe it is:
A. aggregate shifts. B. stagnation. C. inflation. D. stagflation.
How does the increasing use of MP3 players affect the market for compact discs?
A) The demand curve for compact discs shifts to the left. B) The supply curve for compact discs shifts to the left. C) The demand curve for compact discs shifts to the right. D) The supply curve for compact discs shifts to the right.