The base year in the consumer price index (CPI) is:
a. given a value of zero.
b. always the first year in the current decade.
c. established by law.
d. a year chosen as a reference for prices in all other years.
d
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The deficit is
A) the amount by which government purchases, transfers, and net interest exceed tax revenues. B) the amount by which government purchases and transfers exceed tax revenues. C) the primary deficit minus net interest payments. D) total tax revenues minus net interest minus government expenditures.
The demand curve is kinked in oligopoly theory because firms will do which of the following?
a. Raise and lower prices together b. Raise prices together but not lower prices together c. Lower prices together and sometimes raise prices together d. Lower prices together only
The difference between absolute advantage and comparative advantage is called gains from trade
Indicate whether the statement is true or false
Open market operations are the principal mechanism for directly altering the reserves of the banking system.
Answer the following statement true (T) or false (F)