Which of the following statements is true of the Industrial Revolution?
A) It was a gradual process. B) It started in the capital goods industry.
C) It was a period of rapid disruption. D) It started in the United States.
A
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In 1996, an advisory committee of economists that studied the CPI found
a. no bias in the CPI b. that in a typical year the CPI overstates the inflation rate by at least 1.1 percent per year c. that the CPI consistently overestimates the inflation rate by less than 1 percent per year d. that the CPI typically underestimates the inflation rate e. that the CPI is somewhat erratic; it occasionally underestimates and occasionally overestimates the inflation rate
Because of transactions which take place in the underground economy, the
a. GDP calculation tends to overstate the actual value of goods sold in the economy. b. GDP calculation tends to accurately portray the value of goods sold in the economy. c. GDP calculation tends to understate the actual value of goods sold in the economy. d. value of the GDP calculation will be equal to the value of the national income calculation. e. value of the GDP calculation through the expenditure approach will be greater then the value calculated through the income approach.