An economy with only the household and firm sectors is called:
A) a mixed economy.
B) a private economy.
C) a command economy.
D) none of the above.
B
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If interest rates in the U.S. are higher than elsewhere, it will cause
a. the demand for dollars to decrease b. the supply of dollars to increase c. the exchange value of the dollar in relation to other currencies to fall d. the dollar to depreciate e. the demand for dollars to increase
Suppose that the price of chicken rises sharply compared to the price of turkey. In response, consumers buy more turkey and less chicken than they did in the CPI base year. In this situation the CPI will tend to ________ inflation as a result of ________ bias.
A. overstate; quality adjustment B. accurately measure; substitution C. overstate; substitution D. understate; substitution