This Economics CPI market quiz assesses understanding of concepts like diminishing returns, the consumer price index (CPI), and the production function. It challenges learners to apply economic theories to practical scenarios, enhancing their grasp of macroeconomic indicators.
67 percent
167 percent
-67 percent
-6.7 percent
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100
0
50
10
None of the above we do not know
None of the above we do not know
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(Cost of CPI market basket at current period prices / Cost of CPI market base at base period prices) x 100
(Cost of CPI market basket this year x Cost of CPI market basket at base period prices) / 100
(Cost of CPI market basket at base period prices / Cost of CPI market basket at current period prices) x 100
(Cost of CPI market basket at current period prices / Cost of CPI market basket at next year's prices) x 100
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At the same quantity of beef and chicken and create a commodity substitution bias
More beef and crease a quality change bias
More chicken and create a commodity substitution bias
More chicken and eliminate the commodity substitution bias
Less chicken and beef and crease a quality change bias
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400
100
250
2.50
4.0
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Potential GDP
Lucas GDP
Sustainable GDP
Nominal GDP
Maximum GDP
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1 Soda and 9 DVDs
It is impossible to determine the market basket without more information
9 Sodas and 1 DVD
10 Sodas and 10 DVDs
10 Sodas and 9 DVDs
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Real GDP and the quantity of labor employed
Nominal GDP and Real GDP
Real GDP and capital
Nominal GDP and the quantity of labor employed
Real GDP and the supply of labor
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Butter relative to margarine
A Caribbean cruise for a couple who has never been on a cruise before
An iPod player relative to a walkman
A 2013 Honda Civic Si Coupe relative to a 2013 Honda Civic Si Sedan
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Below the equilibrium wage rate so there is an excess supply of labor
Above the equilibrium wage rate so there is an excess supply of labor
Equal to the equilibrium wage rate so there is no excess supply of labor
Above the equilibrium wage rate so there is a shortage of labor
Both answers A and D are correct because whenever the real wage rate is above or below the equilibrium wage rate, there is an excess supply of labor
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I only
I and iii
I and ii
Ii only
I, ii, and iii
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Does not change
Decreases at a slower rate
Increases at a slower rate
Decreases at a faster rate
Increases at a faster rate
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