Nontradable Goods Are Best Defined as ________

question 74

Multiple Choice

Nontradable goods are best defined as ________.

• A) products and services for which exporting costs are excessive
• B) factors of production that exceed safety regulations
• C) goods used for national defense
• D) products that comprise a portion of the inputs for finished products

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Definitions:

Consumer Price Index

A metric tracking the average evolution over time in the expenditure of urban consumers on a designated selection of consumer goods and services.

Base Year

A specific year against which economic variables are measured and compared in indices or other economic calculations.

Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, changing over time to reflect the cost of living.

Inflation

An economic condition characterized by an overall increase in prices and decrease in the purchasing value of money.