When Economists Refer to an Economy's Price Level,they Indicate

question 125

Multiple Choice

When economists refer to an economy's price level,they indicate:

• A)the rate of inflation in that economy.
• B)the prices of goods and services relative to consumers' incomes.
• C)a composite measure of prices of all goods and services.
• D)a period of level,or steady,prices in that economy.
• E)the price of a specific consumer good.

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Definitions:

Natural Resources

Naturally occurring materials such as minerals, forests, water, and fertile land that can be used for economic improvement and are considered valuable in their relatively unmodified (natural) form.

American Settlement

The establishment of communities in the United States by immigrants or settlers.

Fourteenth Amendment

An amendment to the U.S. Constitution, ratified in 1868, granting citizenship to all persons born or naturalized in the United States, including former slaves, and providing all citizens with equal protection under the laws.

Chinese Immigrants

Individuals from China who have relocated to another country, historically significant in the 19th and early 20th centuries for their roles in labor, particularly in the United States during the California Gold Rush and the construction of the Transcontinental Railroad.