The market basket approach:
A. gives us a list of what the typical consumer buys and the average price change of those goods.
B. tells us how the prices of all goods and services in an economy change over time.
C. gives us a single number that represents how changing prices affect the typical consumer.
D. tells us exactly how people change what they buy from year to year.
Answer: C
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Which if the following is the best example of derived demand?
A. Janice got a Samsung Galaxy Tab for her birthday, and now her best friend Tamika wants one for her birthday. B. The demand for movie theater ushers increases when more consumers choose to go to movie theaters. C. When the price of Honda Accords increased, the demand for Nissan Altimas went up. D. More peanut butter is demanded as the price of strawberry jam falls.
Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. The slope of the line between Points A and B is
A. 1.5. B. 0.67. C. -0.67. D. -1.5.