The CPI is a measure of the overall cost of
a. the inputs purchased by a typical producer.
b. the goods and services purchased by a typical consumer.
c. the goods and services produced in the economy.
d. the stocks on the New York Stock Exchange.
b
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If a demand curve shifts left, it implies
A) as a group, consumers are willing and able to pay less for the product. B) as a group, consumers are willing and able to pay more for the product. C) government has regulated how many people can purchase the product. D) the profit motive of the firms is making the price too high.
Last quarter Newton computers produced 3,000 computers. Two thousand of these computers were sold to households, 750 were sold to businesses, and 250 were added to Newton's inventory. How many of the computers should have been included in last quarter's GDP?
Relative to a single-price monopoly, the effect of group price discrimination on social welfare is
A) beneficial. B) detrimental. C) neutral. D) ambiguous.
A perfectly elastic demand curve will:
a. be a vertical straight line. b. be a downward sloping straight line. c. be a horizontal straight line. d. be an upward sloping straight line.