The Bureau of Labor Statistics periodically updates the base year in the CPI because
a. nominal GDP changes over time
b. of changes in the importance of goods in the consumer basket
c. real GDP changes over time
d. the GDP deflator is periodically updated
e. prices change over time
B
Economics
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A firm's accounting profit does not include its:
a. explicit costs. b. sunk costs. c. fixed costs. d. opportunity costs. e. variable costs.
Economics
Suppose the price of good X falls and the consumption of good X increases. From this we can infer that X is a(n) (i) normal good. (ii) inferior good. (iii) Giffen good
a. (i) only b. (i) or (ii) only c. (iii) only d. (ii) or (iii) only
Economics