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Chapter 11: 1)Which do you think has a greater effect on CPI: a 10%increase in the price of chicken or a 10% increase in the

Chapter 11:

1)Which do you think has a greater effect on CPI: a 10%increase in the price of chicken or a 10% increase in the price of caviar.Please explain why?

2)Describe the 3 problems that make the CPI an imperfect measure of the cost of living.

Chapter 12:

1)What does the level of a nation's GDP measure?What does the growth rate of GDP measure?

2)List and describe the four determinants of productivity.

3)In what way in a college degree a form of capital?

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