The current official "base year" is
A) 2000.
B) 1992.
C) 1980.
D) 1972.
A
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Consumption smoothing refers to
A) the tendency of all consumers to choose the same amount of current consumption. B) the tendency of consumers to seek a consumption path over time that is smoother than income. C) the tendency of consumers to seek an income path over time that is smoother than consumption. D) consumer's concerns about going heavily into debt.
A perfectly inelastic demand:
A. means people will quickly change the quantity they purchase when price changes. B. means people will not respond to any change in price. C. is demonstrated by a perfectly horizontal demand curve. D. has an absolute value greater than 1.
Which of the following makes long-term low-interest loans to LDCs?
a. Agency for International Development (AID). b. World Bank. c. International Monetary Fund (IMF). d. New International Economic Order (NIEO).
If social regulation causes the supply curve in a market to shift up because of higher marginal costs, then:
a. both consumer and producer surplus will decrease. b. both producer and consumer surplus will increase. c. consumers will gain at the expense of producers. d. producers will gain at the expense of consumers. e. there will be no change in the sum of producer and consumer surplus, although its division may change.