The formula for calculating the CPI is
A) (Expenditures in the current year/Expenditures in the base year) × 100.
B) (Expenditures in the current year × Expenditures in the base year)/100.
C) (Expenditures in the base year/Expenditures in the current year).
D) (Expenditures in the base year × 100)/(Expenditures in the current year).
Answer: A
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Comparing the aggregate supply curve and the short-run Phillips curve, we see that they
A) both exist because real wage rate is fixed in the short run. B) both exist since money wages are flexible. C) each describe different parts of the economy. D) describe the same phenomena but contradict each other. E) both exist because money wage rate is fixed in the short run.
An increase in the wage rate will cause the labor supply curve to shift to the right
a. True b. False