The Consumer Price Index is:
A. A measure of changes in the relative prices of significant consumer goods.
B. A measure of changes in the price of all goods and services.
C. A measure of changes in the average price of consumer goods and services.
D. Used to determine if the economy is functioning at full employment.
C. A measure of changes in the average price of consumer goods and services.
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Suppose that you find out from an L.L. Bean catalogue that a sweater costs $30.00. In this case, money is serving as a
A) medium of exchange. B) unit of account. C) store of value. D) double coincidence of want.
The vertical long-run aggregate supply curve implies that shifts in aggregate demand will, in the long-run,
A. change output and prices B. change interest rates C. change prices only D. change nothing