If we read that the CPI had value of 120 in 2005, we would know that
a. the typical market basket in 2005 was 20 percent more expensive than in the previous year
b. the typical market basket in 2005 was 120 percent more expensive than in the base year
c. the typical market basket in the base year was 120 percent more expensive than in 2005
d. the typical market basket in 2005 was 20 percent more expensive than in the base year
e. the cost of a loaf of bread is higher now than it has been during the past ten years
D
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Assume Congress enacts a $500 billion increase in spending and a $500 billion tax increase to finance the additional government spending. The result of this balanced-budget approach is a:
a. $500 billion decrease in aggregate demand. b. $500 billion increase in aggregate demand. c. $1,000 billion increase in aggregate demand. d. $1,000 billion decrease in aggregate demand.
Give an appropriate remedy for correcting excessive pollution and note any difficulties in implementing it