The consumer price index tires to measure how much consumer incomes must rise in order to maintain a constant
a. level of real GDP.
b. ratio of consumption to GDP.
c. ratio of net exports to GDP.
d. standard of living.
d
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Real-wage rigidity in the Keynesian efficiency wage diagram of the labor market is depicted by
A) a vertical labor supply curve at the efficient level of employment, B) a vertical labor demand curve at the efficient level of employment. C) a horizontal line at the efficiency wage. D) a steep, positively sloped labor supply curve depicting various efficiency wages at various employment levels.
Jerome says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Jerome's demand for apps is
a. perfectly elastic. b. unit elastic. c. perfectly inelastic. d. somewhat inelastic, but not perfectly inelastic.