Suppose that over time, consumers used discount stores at an increasing rate, the CPI would tend to be
a. accurate
b. underestimated because consumers would buy goods and services at lower prices than those collected by the BLS
c. underestimated because consumers would buy goods and services at higher prices than those collected by the BLS
d. overestimated because consumers would buy goods and services at lower prices than those collected by the BLS
e. overestimated because consumers would buy goods and services at higher prices than those collected by the BLS
D
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Refer to the above figure. Given our current level of technology and resources, the unobtainable point(s) of production would be
A) points a and c. B) point a. C) point b. D) point c.
Economists regard people who work below their potential as being
a. underemployed b. unemployed c. as economically efficient as possible d. without human capital e. employed, but a contributor to long-run unemployment