The successor organization to GATT, created in 1995, is the

The inflation rate measures the

A) average price of the goods and services consumed by urban consumers. B) percentage change in the CPI from one year to the next year. C) cost of the CPI market basket at current period prices divided by the cost of the CPI market basket at base period prices. D) percentage change in the quantity of goods and services consumed by urban consumers. E) cost of the CPI market basket at base period prices divided by the cost of the CPI market basket at current period prices.

Which of the following is a necessary feature of the notion of the market as a competitive process and the model of perfect competition?

A) Freedom of entry B) Price taking behavior C) Perfect and complete information D) All firms produce identical products. E) All of the above.