For a demand schedule, which of the following is held constant?
A) relative prices
B) quantity demanded
C) quality of the good
D) nominal prices
Answer: C
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How is it established that someone is "actively looking for work" in order to count her as unemployed?
A. She must provide copies of all of her job search-related correspondence B. She must have taken some action to find a job in the last four weeks C. She must say that she would be willing to take a job if offered one D. She must have gone on at least one job interview in the past year
The "new product bias" in the consumer price index refers to the idea that
A) consumers switch to old goods when the prices of new goods increase, and the CPI underestimates the cost to consumers. B) consumers switch to new goods when the prices of old goods increase, and the CPI overestimates the cost to consumers. C) new products' prices often decrease after their initial introduction, and the CPI is adjusted infrequently and overestimates the cost to consumers. D) consumers prefer new goods, even if they are worse in quality than old goods, and this causes the CPI to underestimate the cost to consumers.