The standard of living in an economy is best measured by:
A. output per person.
B. total output.
C. average labor productivity.
D. the inflation rate.
Answer: A
Economics
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If your nominal income is $75,000 and your real income in base year prices is $60,000, what is the CPI?
A) 250 B) 125 C) 80 D) 200 E) 100
Economics
An increase in the price of steel to producers of refrigerators will cause
A) the quantity demanded for steel to increase. B) the demand for refrigerators to decrease. C) the quantity supplied of refrigerators to increase. D) the supply curve for refrigerators to shift left.
Economics