Regardless of the index we use:
A. inflation is measured as a percent increase in the index from one year to the next.
B. we get the same measurements for inflation, so each is equally useful.
C. the measurement of inflation is the same, so we use the one easiest to calculate.
D. we should get an accurate picture of how all consumer goods and services prices changed from year to year.
A. inflation is measured as a percent increase in the index from one year to the next.
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Refer the above figure. Suppose the union sets the wage rate that will maximize the total income for the members who work. The total wages will be
A) W1iL4O. B) W2aL3O. C) W3bL2O. D) W3bhW1.
The term "underemployed" is used to describe an individual who: a. prefers full-time employment but works only part time
b. has given up looking for a job because he is discouraged about his prospects. c. is jobless because of the seasonal nature of his job. d. is jobless due to a recession in the economy.
Income elasticity of demand measures how
a. the quantity demanded changes as consumer income changes. b. consumer purchasing power is affected by a change in the price of a good. c. the price of a good is affected when there is a change in consumer income. d. many units of a good a consumer can buy given a certain income level.
Farmers often find that large bumper crops are associated with declines in their gross incomes. This suggests that:
A. farm products are normal goods. B. farm products are inferior goods. C. the price elasticity of demand for farm products is less than 1. D. the price elasticity of demand for farm products is greater than 1.