Which of the following would be the best measure of the cost of living?
A) consumer price index B) GDP deflator
C) real GDP per person D) real GDP
A
Economics
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What would you expect the cross price elasticity of iPods and online music downloads? Explain your answer
What will be an ideal response?
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A 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a service. This service is a(n) __________ good and demand is __________
a. normal; elastic b. normal; inelastic c. normal; unit elastic d. inferior; elastic e. inferior; inelastic
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