Parity prices for agricultural products are based on the relative purchasing power of farm products during the period of:
A. 1910-1914
B. 1929-1939
C. 1941-1945
D. 1960-1970
A. 1910-1914
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A point inside a production possibilities frontier
A) could indicate that some resources are unemployed. B) is unattainable. C) is more efficient than points on the production possibilities frontier. D) implies that too much capital and not enough labor are being used.
When the CPI increases from one year to the next:
A. inflation has occurred. B. deflation has occurred. C. there has not been a change in the overall price level. D. the impact to the general standard of living is hard to measure.
Which of the following examples would most likely be considered a producer good?
a. an employee’s truck near an office building b. a sidewalk outside a factory building c. a coffee machine used in a break room d. a building housing an assembly line
Which of the following is an appropriate fiscal policy prescription that addresses the inflation that occurs when the economy is above potential GDP?
What will be an ideal response?