An intermediate good is
A) always counted when measuring GDP because it doesn't represent time spent in production of a final good or service.
B) a good whose value is of neither a high grade nor a low grade.
C) a good that is sold to the government and then redistributed to the poor.
D) any good that is resold by its purchaser rather than used as is.
D
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The extra costs incurred to avoid holding cash when there is inflation are called the:
A. shoe leather costs. B. average costs of inflation. C. external costs. D. consumer price index costs.
Deciding if a company will produce automobiles by robotics or manual labor answers the economic question of
A) how will the products be produced. B) who consumes the products produced. C) where will the products be consumed. D) what products will be produced.
Suppose workers agreed to a contract that guaranteed a real wage increase of 3 percent per year. If the inflation rate was 7 percent over the following year, what is the required increase in the nominal wage to meet the contract requirements?
a. 10 percent b. 3 percent c. 4 percent d. 7 percent e. 1 percent
An increase in expected inflation shifts
a. the long-run Phillips curve right. b. the short-run Phillips curve right. c. neither the short-run nor long-run Phillips curve right. d. both the short-run and long-run Phillips curve right.