The bias in the CPI typically
A) overstates inflation.
B) understates inflation.
C) about half the time overstates and about half the time understates the inflation rate.
D) cannot be measured or estimated.
A
Economics
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Producers typically face increasing marginal costs of production. Thus, their production possibilities frontier would
A) slope upward. B) bend inward. C) bend outward. D) appear as a straight line.
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The unemployment rate is defined as the
A) number of people not working. B) percentage of the population not working. C) percentage of the labor force not working. D) percentage of the working-age population not working.
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