The government agency which has been given the task of calculating the Consumer Price Index (CPI) is
A. the Department of State.
B. the Council of Economic Advisors.
C. the Bureau of Labor Statistics.
D. the Bureau of Economic Research.
Answer: C
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How would an increase in the U.S. federal budget deficit affect the exchange rate in the market for dollars?
A) The exchange rate will increase. B) The exchange rate will not be affected by a change in the federal budget deficit. C) The exchange rate will decrease. D) The impact of the increase in the federal budget deficit on the exchange rate cannot be predicted.
A tax that imposes a small excess burden relative to the tax revenue that it raises is
A) an efficient tax. B) a payroll tax. C) a sin tax. D) a FICA tax.
Which of the following statements most likely lies within the realm of microeconomics? a. Unemployment rises during a recession and falls during an expansion
b. A rapid acceleration of the supply of money may create inflation. c. An increase in government spending will increase the aggregate demand for goods and services in the economy. d. An increase in labor costs will increase the additional cost of producing another airplane.
What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism. b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read). c. They all became part of the First World. d. They became the most technologically advanced countries in the world. e. They underwent the process of opening their economies and experienced rapid economic growth.