It is useful to assume that there is a single representative consumer because
A) this is realistic.
B) this is a useful abstraction if we are interested in problems where distribution effects are not important.
C) this is the only model we know how to work with.
D) a model with one consumer is the same as one with many consumers.
B
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The information in the table above gives the 2012 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2013 prices. What is the value of the CPI for the reference base period, 2012?
A) 140 B) 133 C) 100 D) 75
Describe three of the ways that the U.S. federal government responded to the financial crisis of 2007-2009 and to the resulting problems in the real sector of the economy. Be sure to include in your answer the government's specific intent in each of these actions