The Consumer Price Index measures the overall level of prices faced by: consumers and producers. a typical producer. the government. a typical consumer.
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- Which measures the changes in the prices of a "market basket" of some 100 goods produced by typical manufacturers?Group of answer choices The Consumer Price Index The GDP price index The International Pricing Index The Producer Price IndexThree problems that make the consumer price index an imperfect measure of the cost of living areAssuming that the Consumer Price Index increases from 100 to 120... Group of answer choices Less money would be needed to buy the same amount of goods, implying that the value of money increases Less money would be needed to buy the same amount of goods, implying that the value of money drops More money would be needed to buy the same amount of goods, implying that the value of money increases More money would be needed to buy the same amount of goods, implying that the value of money drops
- The Consumer Price Index is subject to the substitution bias and the quality/new goods bias. Are the Producer Price Index and the GDP Deflator also subject to these biases? Why or why not?ggregate demand includes Answer the quantity of goods and services both the government and customers abroad want to buy. the quantity of goods and services neither the government nor customers abroad want to buy. the quantity of goods and service the government wants to buy, but not the quantity of goods and services customers abroad want to buy. the quantity of goods and services customers abroad want to buy, but not the quantity of goods and services the government wants to buy.The nominal GDP for an economy is $12 trillion. Real GDP is $10 trillion. What is the value of the implicit price deflator
- When the Consumer Price Index decreases from 105 to 100 a. more money is needed to buy the same amount of goods, so the value of money rises. b. less money is needed to buy the same amount of goods, so the value of money falls. c. more money is needed to buy the same amount of goods, so the value of money falls. d. less money is needed to buy the same amount of goods, so the value of money rises.What are real prices? A real price is a price that has been adjusted for inflation. A real price is a price that has all factors (such as taxes) included. A real price is the price of a good/service plus the opportunity cost of consuming the good/service. A real price is the price of producing a good/service.Based on the graph, a decrease in ________ could cause the economy to move from Point A to Point B. a. the price level b. consumer confidence c. the labor force participation rate d. wages e. taxes on consumers
- If the government increases its expenditure on goods and services and as a result, the money wage rate increases, the economy has experienced _______.Changes in the consumer price index are useful in predicting changes in the producer price index. Select one: a. False b. True. _______ Demand is aa. relationship between prices and the quantities purchased by buyers.b. relationship between prices and the quantities offered by producers.c. quantity of goods available for purchase.d. is measured by comparing the gross domestic product with supply.e. by-product of communism.
