To construct the Consumer Price Index, the Bureau of Labor Statistics must
A. Find out what is in the typical consumer market basket on the basis of what producers produce.
B. Find out why people buy, what they buy, and how the prices of what they buy change.
C. Conduct producer surveys to determine how much prices rise.
D. Find out what people buy with their incomes and how the prices of what they buy change.
Answer: D
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In the figure above, income is most unequally distributed
A) in Country A. B) in Country B. C) in Country C. D) in one of the nations, but without more information, it is not possible to determine in which country income is distributed most unequally.
The average tax rate measures the
a. fraction of spending paid in taxes. b. fraction of income paid in taxes. c. incremental rate of tax on income. d. average deadweight loss from all taxes.
Exhibit 17-1 Nation of Padia
Exhibit 17-1 shows the production possibility curve of the nation of Padia. Based only on this information, the point which would produce the highest rate of growth would be:
A. I B. II C. III D. IV
The demand curve facing a monopolist will be more elastic
A. as the number of consumers increases. B. the greater is the amount of fixed costs to cover. C. the greater is the number of substitute products. D. as the consumers' need for the good increases.