When constructing an overall measure that shows inflation in the prices of many different items, economists consider:
a. the average of the price changes of all goods
b. the total cost of purchasing a basket of goods and services.
c. the changes in the prices of only luxury goods.
d. the changes in the prices of only nondurable goods.
b
Economics
You might also like to view...
"Unlike a monopoly, consumer surplus in a perfectly competitive market is zero." Do you agree or disagree? Why?
What will be an ideal response?
Economics
Which of the following does not correctly characterize modern economic growth?
A. It spread slowly across the globe, with some societies not having experienced it yet B. It has occurred only in the last 200 or so years C. It drastically alters the culture and politics of society D. It has not affected the average lifespan of human beings
Economics