The consumer price index is
A) an average of the prices of the goods and services purchased by the typical family.
B) the cost of a market basket of goods and services typically consumed in a base year.
C) the cost of a market basket of goods and services typically consumed in the current year.
D) an average of the prices of new final goods and services produced in the economy over a period of time.
A
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Buying in bulk to save money is an example of ________.
A. elastic demand B. consumer surplus C. price gouging D. block pricing
A study of estimated multipliers in the major econometric models shows that
A) the government-spending multiplier tends to increase and then later decrease over time. B) the monetary multiplier is much larger than the government spending multiplier. C) there is quite a bit of variation in the value of the multipliers among the models. D) A and C are both correct.
Is it a necessary condition that velocity is constant and that real output growth is assumed to be zero to have Milton Friedman's assertion that inflation is a monetary phenomenon be true?
What will be an ideal response?
Refer to Table 3.2, which shows some costs and benefits of having your car repaired. What is the marginal cost of the 5th hour spent on repairs?
A. $360
B. $435
C. $510
D. $780