A perfectly inelastic supply curve is

In order for any given commodity to be considered money, it has to

A) be issued and controlled by some governmental institution. B) have some intrinsic value. C) be generally acceptable as a means of payment. D) be used in barter transactions. E) be convertible into gold or silver.

The currently used method for calculating the CPI

A) accounts for people increasing consumption of a good that falls in relative price. B) probably overstates inflation by about 1 percentage point. C) has no effect on government expenditures. D) None of the above answers are correct.