To find the cost of the CPI market basket in the current period we have to multiply the
A) quantities in the CPI market basket by the base period prices.
B) quantities in the CPI market basket by the current period prices.
C) current period quantities in the CPI market basket by the base period prices.
D) current period quantities in the CPI market basket by the current period prices.
E) quantities in the CPI market basket by the base period prices and then multiply by 100.
B
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Gross Domestic Product is equal to the market value of all the final goods and services ________ in a given period of time
A) produced and consumed within a country B) consumed by the citizens of a country C) consumed within a country D) produced within a country E) produced by the citizens of a country
Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. To move the economy back to potential GDP, Congress should
A) lower government purchases by an amount less than $200 billion. B) lower government purchases by $200 billion. C) raise taxes by $200 billion. D) lower taxes by $200 billion. E) raise taxes by an amount more than $200 billion.