Several studies in the 1990s concluded that the consumer price index overstated inflation by about
a. 3 percentage points per year, and that number of percentage points likely still applies now.
b. 3 percentage points per year, but recent improvements to the CPI probably have reduced the overstatement of inflation to something less than 3 percentage points.
c. 1 percentage point per year, and that number of percentage points likely still applies now.
d. 1 percentage point per year, but recent improvements to the CPI probably have reduced the overstatement of inflation to something less than 1 percentage point
d
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Of the five game types described in this chapter (prisoner's dilemma, pure coordination, assurance, battle of the sexes, chicken), which have a dominant strategy and which have more than one Nash equilibrium in a two-player game?
What will be an ideal response?
The signals in markets are determined
A) by supply and demand. B) for all goods by the government through the use of price controls. C) in an unfair manner that ends up hurting the poor. D) by nonprice rationing devices.
Households act as suppliers when they provide
a. goods and services to firms and governments b. resources to firms and governments c. tax payments to governments d. the demand for only what firms supply or make available e. money to firms in exchange for goods and services
Which of the following is true when an economy is in long-run equilibrium?
What will be an ideal response?