The base period is the
A. First year in which inflation figures were calculated.
B. Absence of significant changes in the average price level.
C. Time period when full employment is reached.
D. Time period used for comparative analysis.
Answer: D
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One requirement for an industry to be perfectly competitive is that in the industry there
A) are a few firms who control the market. B) are many firms for whom the efficient scale of production is small. C) is one firm that sells a product with no close substitutes. D) are many firms selling different products. E) is a barrier to entry that makes the entry of new firms difficult.
Which of the following would decrease the cyclically adjusted deficit?
A) an increase in income B) a decrease in income C) an increase in the primary deficit D) a decrease in the primary deficit E) none of the above