Economics help! The base year is the year:?

1. The base year is the year:

A) in which prices are lowest.

B) that serves as a reference point or benchmark.

C) in which prices are unstable.

D) in which prices are highest.

2. Most economists support free trade in part because trade restrictions:

A) result in larger trade deficits for the nations imposing them.

B) provide no revenue for the government.

C) reduce international competition.

D) increase international competition.

3. The price index that measures the average rate of change in the prices received by domestic producers of goods and services is called the:

A) PPI.

B) GDP deflator.

C) PCE deflator.

D) CPI.

1 Answer

Relevance
  • Anonymous
    6 years ago
    Favorite Answer

    1. B

    2.C

    3. A

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