The base year in the consumer price index (CPI) is:
a. given a value of zero.
b. a year chosen as a reference for prices in all other years.
c. always the first year in the current decade.
d. established by law.
b
You might also like to view...
If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
In the traditional Keynesian model, if the government cuts current taxes
A) the C + I + G + X line will shift down but the aggregate demand curve will not shift. B) the C + I + G + X line will shift down and the aggregate demand curve will shift to the left. C) the C + I + G + X line will shift up and the aggregate demand curve will shift to the right. D) the C + I + G + X line will shift up but the aggregate demand curve will not shift.
The Third World consists of _____
a. all communist countries b. the nations in the Southern Hemisphere c. all former British colonies d. all non-English-speaking countries e. all less-developed countries
If the price elasticity of demand is 1, demand is:
A. upward sloping. B. inelastic. C. unit elastic. D. elastic.