When constructing the consumer price index, the Bureau of Labor Statistics does not do which of the following?
a. Try to include all the goods and services that the typical consumer buys.
b. Try to weight the goods and services that the typical consumer buys according to how much consumers buy of each item.
c. Survey consumers to determine what the typical consumer buys.
d. Survey sellers to determine what the typical consumer buys.
d
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If government purchases are $400 million, taxes are $700 million, and transfers are $200 million, which of the following is true?
A) Public saving is $500 million. B) The budget deficit is $100 million. C) The budget deficit is $500 million. D) Public saving is $100 million.
Refer to the accompanying figure. If the current market price were $20:
A. there would be an excess supply of 25 units. B. the market would be in equilibrium. C. there would be an excess demand of 25 units. D. there would be an excess demand of 35 units.