3 / 11 100% 6. (2 marks) Which of the following best describes the Consumer Price Index? a. The average of price of cons

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3 11 100 6 2 Marks Which Of The Following Best Describes The Consumer Price Index A The Average Of Price Of Cons 1 (163.91 KiB) Viewed 27 times

3 / 11 100% 6. (2 marks) Which of the following best describes the Consumer Price Index? a. The average of price of consumption goods in a given year. b. The cost of a basket of goods of an average consumer in base year prices. c. The difference in average expenditure of consumers between base year and current year. d. The cost of buying a fixed basket of goods in the current year relative to the cost of the basket in base year. e. All of these describe the CPI 2 Student Name: Student ID: 7. (2 marks) Long periods of structural unemployment can discourage workers from actively searching for jobs. If this is the case, we should expect: a. The unemployment rate to increase. b. The labor force participation rate to decrease. c. The natural rate of unemployment to decrease. d. The working-age population to decrease. e. The cyclical unemployment rate to increase. 8. (2 marks) Which of the statements below about GDP accounting is FALSE? a. Unemployment benefits are not considered government purchases G. b. A domestic resident's spending on an imported car is considered consumption C. c. A domestic resident's spending on a foreign firm's shares is considered imports M. d. Goods produced domestically this year but not sold this year are counted in GDP this year. e. None of these statements are FALSE