The CPI:
a. includes fewer goods and services than the GDP deflator
b. generally rises substantially slower than the GDP deflator during inflationary conditions.
c. ignores imported goods purchased by consumers.
d. is the broadest generally reported measure of inflation.
a
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Refer to the following graph. Which of the following statements is true?
a. When output is zero losses equal TFC.
b. At the Break-Even Point marginal revenue equals marginal cost.
c. Any output below the Break-Even Point indicates profits are earned.
d. When Total Revenue equals Total Cost profits are maximized.
Software programs have been introduced that allow you to use your personal computer like a telephone to talk to others who own the same software. One such program costs $50 to buy and allows you to make unlimited calls for free. The economics of
substitutions and complements are present in this scenario. a . Explain in economic terms the effect of these products on the market for long distance telephone service. b. Explain in economic terms the effect of these products on the market for personal computers.
Which of the following is most likely to decrease supply in the market for pizza?
a. Popularity of pizza induces a greater number of fast food joints to include pizza in their menu. b. Reports reveal that eating pizza increases the risk of stomach ulcers. c. Cheese prices increase because price supports for dairy farmers are removed. d. The price of burgers increases due an increase in the price of beef.
Most countries use production methods designed to ______ their scarce resources.
a. exhaust b. conserve c. use more of d. rely completely on