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?

Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium

What will be an ideal response?

Refer to Figure 6-9. The data in the diagram indicates that DVDs are

A) luxury goods. B) inelastic goods. C) necessities. D) both luxury goods and inelastic goods. E) both necessities and inelastic goods.