The goods and services used to calculate the consumer price index represent ________.
A. what an average household buys
B. what households, businesses, and government purchase on average
C. what households, businesses, and government purchase in total
D. every household buys in total
Answer: C
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Since 1950, the standard of living in the United States has:
A. decreased when measured by output per person, but increased when measured by total output. B. decreased when measured by both total output and output per person. C. increased when measured by output per person, but decreased when measured by total output. D. increased when measured by both total output and output per person.
For a normal good, quantity demanded
a. increases as income rises, so the income elasticity of demand is positive b. increases as income rises, so the income elasticity of demand is negative c. falls as income rises, so the income elasticity of demand is positive d. falls as income rises, so the income elasticity of demand is negative e. remains unchanged as income rises, so the income elasticity of demand is zero
If the equilibrium wage in the market for unskilled labor is $8.00 per hour, and the government sets a minimum wage at $7.50 per hour, unskilled workers will receive a pay cut of about 50 cents per hour.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.