As a measure of inflation, the principal advantage of the consumer price index over the implicit GDP deflator is that the consumer price index

For Product X, the income elasticity of demand is -2.56. Which of the following is therefore TRUE?

A) Product X is a necessity. B) Product X is a luxury. C) Product X is an inferior good. D) Product X is a normal good.

An economy that has a domestic and a foreign sector is called:

A) a mixed economy. B) an open economy. C) a closed economy. D) a command economy.