The CPI attempts to:
A. balance out the consumption of different types of people in different life situations.
B. capture an average across a very large group of U.S. consumers.
C. balance out the consumption of different types of people in different life stages.
D. All of these statements are true.
Answer: D
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Explain how the aggregate demand and aggregate supply model can be made more dynamic
What will be an ideal response?
Figure (a) represents the domestic demand and supply of televisions. Suppose free trade is allowed and the current world price of televisions is P1 as shown in Figure (b). As a result of free trade the domestically produced quantity would
a. fall to Q1.
b. rise to Q2.
c. fall to Q3.
d. rise to Q4.
In a competitive market, the quantity of a product produced and the price of the product are determined by
a. buyers. b. sellers. c. both buyers and sellers. d. None of the above is correct.
In 2003, the top 20 percent, or wealthiest fifth, of U.S. households earned _____.
(A) About the same as the bottom four fifths combined. (B) Less than the bottom four fifths combined. (C) More than the bottom four fifths combined. (D) Less than the bottom three fifths combined.