Each month the CPI is calculated by
A) recording the new prices and making no other calculation.
B) multiplying the current cost of the CPI market basket by the base period cost and then dividing by 100.
C) subtracting the base period cost of the CPI market basket from the current cost and then dividing by 100.
D) dividing the current cost of the CPI market basket by the base period cost and then multiplying by 100.
E) subtracting the current period cost of the CPI market basket from the base period cost and then multiplying by 100.
D
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Refer to Scenario 9.1. The Nash equilibrium occurs when Sheb places ________ sheep on the commons and Monty places ________ sheep on the commons
A) 4; 4 B) 4; 5 C) 5; 4 D) 5; 5
When the price level falls from 135 to 120, the aggregate level of GDP supplied falls from $140 billion to $125 billion. This ________ relationship represents the ________ relationship between GDP and the price level
A) positive; short-run B) negative; long-run C) positive; long-run D) negative; short-run