Which of the following is true of index numbers?
a. Index numbers are always represented without units
b. The index number for a base year is always less than 100.
c. Index numbers can never be more than 120.
d. The index number for a year when subtracted from the base year index yields inflation.
a
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By definition, an inferior good is a
A) want that is not expressed by demand. B) normal substitute good. C) good for which demand decreases when its price rises. D) good for which demand decreases when income increases.
Economic models relate to
A) people's choices. B) how people think about something. C) group opinions. D) the reasons people give for donating to charity.
Which of the following is not a basic measure of macroeconomic performance?
A. Output growth B. Unemployment C. Public goods D. Inflation
According to the text, critics point out that the costs incurred by firms due to regulations
A. lower production costs to the shutdown point. B. reduce taxes too far. C. increase production costs. D. none of these.