The Consumer Price Index is calculated by the
A) Federal Reserve Bank of New York.
B) Department of Commerce.
C) Bureau of Labor Statistics.
D) Department of Labor.
E) Society for Consumer Protection.
C
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Suppose that the price elasticity of demand for a product is -1 and that the price elasticity of supply is +1 . Assume also that the income elasticity of demand is +2 . Then an increase in income of 10% will raise equilibrium price by:
a. 10%. b. 5%. c. 20%. d. an annual amount that cannot be determined.
According to classical theory, if the aggregate demand curve decreased and the economy experienced unemployment, then:
a. the economy would remain in this condition indefinitely. b. the government must increase spending to restore full employment. c. prices and wages would fall quickly to restore full employment. d. the supply of money would increase until the economy returned to full employment.