Chain-weighted measures of real GDP make use of prices from:
A. an unchanging base year.
B. a continuously changing base year.
C. a base year that is changed approximately every 5 years.
D. a base year that is changed approximately every 10 years.
Ans: B. a continuously changing base year.
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Given the situation in the matrix shown, we can predict that Firm A's profits will be:
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
A. $50 million.
B. $100 million.
C. $200 million.
D. $300 million.
What's the opportunity cost of taking an unfair advantage in a deal?
A. Future deals may not occur or may come at a much higher cost. B. Building a reputation for being untrustworthy if the deal is likely to be repeated. C. Probably nothing, if the transaction is only taking place once. D. All of these statements are true.
Which of the following is not correct?
a. Economists have two roles: scientist and policy adviser.
b. As scientists, economists develop and test theories to explain the world around them.
c. Economic policies rarely have effects that their architects did not intend or anticipate.
d. As policy advisers, economists use their theories to help change the world for the better.
Between 2007 and 2009, the U.S. unemployment rate rose from under 5 percent to over 8 percent. A Keynesian economist would most likely blame this increase in unemployment on:
A. an increase in the bargaining power of labor unions. B. a decline in the level of aggregate demand. C. a decline in aggregate supply. D. an increase in the minimum wage.