If the CPI for 2008 was 112, the typical market basket purchased that year would cost
a. 12 percent more than the same market basket purchased the previous year
b. 112 percent more than the same market basket purchased the previous year
c. 12 percent more than the same market basket purchased in the base year
d. 112 percent more than the same market basket purchased in the base year
e. more than the same market basket purchased during any previous year
C
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The Social Security system is financed by
A) a tax on individual retirement accounts. B) a payroll tax paid only by employers. C) a payroll tax paid by both employers and employees. D) a tax on luxury goods.
Tommy's Tires operates in a perfectly competitive market. If the market price equals $50 per tire and ATC = $60 per tire at the profit-maximizing level of output, then in the long run
a. more firms will enter the market b. the market supply curve will shift to the right c. the equilibrium price per tire will fall d. average total costs will rise e. the market supply curve will shift to the left