EOCT Review #1
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How are economic questions answered in a command economy? a. by producers b. by consumers c. by the government d. by supply and demand
C. By the GOVERNMENT
Money serves as a STANDARD of VALUE because a. we spend it b. we save it c. we compare prices d. we earn profits
C. WE COMPARE PRICES
In Year 1, the cost of a market basket of goods was $840. In Year 2, the cost of the same basket was $875. Which figure below is closest to the consumer price index (CPI) for Year 2? a. $35 b. $875 c. 10.5 d. 104
D. 104
