For any given year, the CPI is the price of the basket of goods and services in the
a. given year divided by the price of the basket in the base year, then multiplied by 100.
b. given year divided by the price of the basket in the previous year, then multiplied by 100.
c. base year divided by the price of the basket in the given year, then multiplied by 100.
d. previous year divided by the price of the basket in the given year, then multiplied by 100.
a
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The price of a bag of pretzels rises from $2 to $3 and the quantity demanded decreases from 100 to 60. What is the price elasticity of demand?
A) 1.0 B) 1.25 C) 40.0 D) 20.0 E) 0.80
The table above gives the aggregate demand and aggregate supply schedules in Lotus Land
With no changes in aggregate demand or long-run aggregate supply, in long-run macroeconomic equilibrium, the price level will be ________ and real GDP will be ________. A) 120; $400 B) 110; $500 C) 90; $400 D) 100; $600
Investment in education in the HPAE was ________ in ________
A) low; primary schools B) high; primary schools C) low; primary and secondary schools D) high; primary and secondary schools E) high; university education
Government transfer payments like social security and unemployment benefits are
A) included in government purchases. B) not included in government purchases. C) not included in government purchases, but they are included in the consumption component of GNP. D) not included in government purchases, but they are part of the investment component of GNP. E) included in government purchases but not in the GNP.