The steps involved in calculating the consumer price index and the inflation rate, in order, are as follows:
a. Choose a base year, update the basket, find the prices, estimate the basket's cost, compute the index, and compute the inflation rate.
b. Choose a base year, fix the basket, find the prices, compute the inflation rate, compute the basket's cost, and compute the index.
c. Fix the basket, find the prices, compute the basket's cost, choose a base year and compute the index, and compute the inflation rate.
d. Fix the basket, find the prices, compute the inflation rate, compute the basket's cost, and choose a base year and compute the index.
c
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_________is a measure of the way in which a quantity supplied leads to a change in price.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is true of a barter system? a. In a barter system, it is difficult to keep track of the relative values of goods and services. b. In a barter system, an individual offers money to import goods and services
c. In a barter system, an individual offers currency notes to get coins. d. In a barter system, different kinds of money are exchanged for one another. e. In a barter system, individuals are self-sufficient.