Q21. If economists design a way to eliminate the substitution bias in CPI calculations, how is the CPI likely to change as a result?

a.The CPI will grow at a slower rate.

b.The CPI will grow at a faster rate.

c.The CPI will not be affected by this change.

Q22. What is excluded from the official calculation of the unemployment rate?

a.Those who are looking for work but above the age of 55.

b.Students who are attending to school full time and not working.

c.Workers who have been looking for fewer than 4 weeks.

Q24. Which of the following individuals would be included in the unemployment rate?

a.Devon an army officer in the U.S. Army on leave.

b.Sharon who has been looking for work this last month.

c.George who is staying home to tend to his children while his partner works.