Author Question: Suppose the Consumer Price Index is 143.6. What does that number mean? A) On average, goods cost ... (Read 30 times)

bobypop · **on:** Jun 29, 2018

Suppose the Consumer Price Index is 143.6. What does that number mean?

A) On average, goods cost 143.60.
B) On average, goods cost 243.60.
C) Prices rose 143.6 percent over the reference base period, on average.
D) Prices rose 43.6 percent over the reference base period, on average.

Question 2

Moving down along the market demand curve for hot dogs, the

A) maximum price that people are willing to pay for hot dogs increases.
B) marginal social benefit of hot dogs decreases.
C) marginal social cost of hot dogs increases.
D) consumer surplus of the last hot dog consumed increases.