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Calculating Inflation Rate Using Consumer Price Index (CPI)

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Calculating Inflation Rate Using Consumer Price Index (CPI)

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Questions and Answers

What is the main focus of microeconomics?

Studying big picture issues in an economy

Analyzing resource allocation issues

Controlling inflation rates

Determining the quantity of goods and services demanded and supplied (correct)

Which factor of production refers to the funds that finance the operations of a business?

Capital (correct)

Natural resources

Human resources

Entrepreneurship

What is the economic impact of scarcity?

Increase in GDP

Opportunity cost (correct)

Decrease in inflation

Stable economic growth

In a free-market system, how are decisions about what to produce and in what quantities made?

By consumers and producers in the market Signup and view all the answers

Which economic system is based on economic freedom and competition?

Free-market system Signup and view all the answers

What is the main focus of macroeconomics?

*Evaluating overall economic issues in an economy Signup and view all the answers

What is the term for an economic condition in which prices fall steadily throughout the economy?

Deflation Signup and view all the answers

Which government role involves relying more on laws and policies than on market forces to govern economic activity?

Regulation Signup and view all the answers

What does the labor force participation rate measure?

The percentage of the civilian population 16 and over that is in the labor force Signup and view all the answers

Which government agency is responsible for regulating the nation's money supply?

Federal Reserve Board Signup and view all the answers

What does the Gross Domestic Product (GDP) measure?

The total value of goods and services produced within a country's borders Signup and view all the answers

What are leading economic indicators used for?

To predict future changes in the economy Signup and view all the answers

What is the purpose of the Producer Price Index (PPI)?

To measure price trends at the producer and wholesaler levels Signup and view all the answers

What is fiscal policy primarily concerned with influencing?

Government spending and taxation Signup and view all the answers

Which economic indicator provides confirmation of past occurrences?

Producer Price Index (PPI) Signup and view all the answers

What is scarcity's role in economic decision-making?

It forces choices to be made due to limited resources Signup and view all the answers

Which of the following is NOT a major type of economic system?

Collaborative economy Signup and view all the answers

What is the formula to calculate the rate of inflation based on Consumer Price Index (CPI)?

(Current year CPI - Base year CPI) / Base year CPI Signup and view all the answers