If we read that the CPI had value of 120 in 2005, we would know that
a. the typical market basket in 2005 was 20 percent more expensive than in the previous year
b. the typical market basket in 2005 was 120 percent more expensive than in the base year
c. the typical market basket in the base year was 120 percent more expensive than in 2005
d. the typical market basket in 2005 was 20 percent more expensive than in the base year
e. the cost of a loaf of bread is higher now than it has been during the past ten years
D
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An increase in Mexican incomes will have what effect on the foreign exchange market for Mexican pesos?
a. shift demand to the left b. shift demand to the right c. no effect d. shift supply to the left e. shift supply to the right
Expansionary fiscal policy can mitigate recessions, but it also
A. raises the budget deficit. B. reduces the budget deficit. C. has no impact on the budget deficit. D. none of these.
All of the following are considered natural resources EXCEPT:
A. a coral reef. B. gold. C. labor. D. a redwood forest.
Why do most people choose to specialize in a narrow set of skills for their work, rather than to learn a little bit about several varied fields of endeavor?
A) They feel that doing so will minimize their chances of being unemployed. B) They don't correctly perceive the costs of being so specialized. C) It allows them to earn more income by being more productive. D) They are unaware of how much better off they would be if they diversified their skills.