If the Consumer Price Index was 102.2 in 2007 and 104.9 in 2008, we can conclude that
a. the prices of all consumer goods were higher in 2008 than in 2007
b. the prices of all consumer goods were lower in 2008 than in 2007
c. the price level fell from 2007 to 2008
d. the price level rose from 2007 to 2008
e. the base year was 2001
D
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An increase in buyers' incomes
a. increases the quantity demanded of a good b. decreases the quantity demanded of a good c. increases the demand for a normal good d. increases the demand for an inferior good e. decreases the quantity demanded of a normal good
The deadweight loss of a tax is
a. the reduction in economic welfare of taxpayers that exceeds the revenue raised by the government. b. the improved efficiency created as people reallocate resources according to the tax incentive rather than the true costs and benefits. c. the loss in tax revenues. d. Both a and b are correct.